Cotton Futures Show Mixed Results Amid Supportive Markets

On Monday, cotton futures experienced a split outcome. Nearby contracts dipped between 1 to 24 points, while some later contracts gained between 2 to 23 points. This variance came as outside markets provided some support, with crude oil increasing by $2.20 per barrel and the US dollar index dropping by 398 points.

US Cotton Harvest Progressing Ahead of Schedule

According to the latest Crop Progress report from NASS, the US cotton harvest has reached 63% completion as of November 3. This marks a pace that is 9% quicker than the average over the past five years.

Sales and Stock Updates from The Seam and ICE

The Seam reported 3,799 bales sold online on November 1, with an average selling price of 68.44 cents per pound. ICE cotton stocks remained unchanged last Friday, maintaining a total of 174 certified bales. In other market news, the Cotlook A Index fell by 35 points on November 1, bringing it down to 81.70 cents per pound. The USDA Adjusted World Price (AWP) also declined, dropping 74 points to settle at 58.54 cents per pound based on the last update from Thursday afternoon.

Cotton Contract Closures

Mar 25 Cotton closed at 72.27 cents, down 6 points.

May 25 Cotton closed at 73.76 cents, down 7 points.

Jul 25 Cotton closed at 75.03 cents, down 1 point.

On the date of publication, Austin Schroeder did not hold positions, either directly or indirectly, in any of the securities mentioned in this article. All information presented herein is for informational purposes only. Please refer to the Barchart Disclosure Policy for additional details.

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