Cotton Fade Lower on Thursday
Cotton futures held the weakness into the Thursday close, as contracts were down 34 to 52 points on the day. Crude oil prices were back down $0.97 on the day, with the US dollar index $0.505 lower to $99.260.
Following a federal trade court ruling that President Trump’s liberation day tariffs were illegal, an appeals court issued a temporary stay on the ruling.
The Wednesday online sale from The Seam showed 440 bales sold at an average price of 66.35 cents/lb. The Cotlook A Index was back down 30 points on 5/28 at 77.95. ICE cotton stocks were down 4,654 bales via decertification on May 28, with a certified stocks level of 41,863 bales. USDA’s Adjusted World Price (AWP) was down 38 points last Thursday at 53.52 cents/lb. It was not updated from USDA on Thursday.
Jul 25 Cotton closed at 64.84, down 49 points,
Oct 25 Cotton closed at 67.24, down 52 points,
Dec 25 Cotton closed at 67.76, down 34 points
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.