Cotton Futures Rise on Harvest Progress Amid Mixed Markets

Cotton futures experienced growth on Wednesday, with contract prices increasing by 31 to 64 points. The overall financial landscape was mixed; crude oil prices gained $0.24 per barrel, while the US dollar index rose by 285 points.

Harvest Update: Progress Surpassed Average

The latest Crop Progress report from NASS, released Tuesday afternoon, reported that the US cotton harvest is currently 34% complete, outpacing the average pace of 30%. In Texas, the harvest is ahead by 4 percentage points at 38%, while Georgia lags by 1% at 19%. As of October 13, cotton condition ratings improved by 5% to 34%, with the Brugler500 index rising 11 points to reach 294. In Texas, ratings saw a notable improvement of 16 points, while Georgia increased by 4 points.

Market Sales and Pricing Trends

On October 15, The Seam reported 301 bales sold online at an average price of 67.21 cents per pound. Meanwhile, ICE cotton stocks remained steady at 174 bales of certified stock. The Cotlook A Index dropped by 125 points on October 15, settling at 82.80 cents per pound. Additionally, the USDA Adjusted World Price (AWP) declined by 40 points last week, now at 60.41 cents per pound, valid through Thursday.

Closing Prices for Cotton Contracts

Mar 25 Cotton closed at 73.34, an increase of 59 points.

May 25 Cotton closed at 74.79, up by 58 points.

Jul 25 Cotton closed at 75.70, gaining 57 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 contained in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

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