Cotton Falling Weaker on Tuesday Morning
Tue Nov 05
Cotton prices are trading with 14 to 45 point losses on Tuesday. Futures were mixed on Monday with nearby contracts down 1 to 24 points and other contracts up 2 to 23 points. The outside markets were supportive, with crude oil up $2.20/barrel and the US dollar index 398 points lower.
Crop Progress data from NASS showed the US cotton harvest at 63% complete as of November 3, which is now 9% faster than the 5-year average pace.
The Seam reported 3,799 bales of online sales on November 1 at an average price of 68.44 cents/lb. ICE cotton stocks were unchanged on Friday, leaving 174 bales of certified stocks. The Cotlook A Index was down 35 points on 11/1 at 81.70 cents/lb. The USDA Adjusted World Price (AWP) was down 74 points to 58.54 cents/lb per last Thursday afternoon’s update.
Mar 25 Cotton closed at 72.27, down 6 points, currently down 44 points
May 25 Cotton closed at 73.76, down 7 points, currently down 42 points
Jul 25 Cotton closed at 75.03, down 1 points, currently down 40 points