Cotton Futures Show Strong Gains Amid Mixed Market Conditions

Cotton futures are experiencing a notable rebound on Turnaround Tuesday, with contracts rising between 65 and 91 points. In contrast, crude oil futures have declined by 22 cents per barrel. Additionally, the US dollar index has increased by $0.533, reaching $99.930 as midday approaches.

Crop Progress and Market Stats

According to the latest Weekly Crop Progress data, the US cotton crop is currently 5% planted. This figure lags behind the five-year average of 8%, indicating slower-than-expected planting progress.

On April 14, The Seam reported just 863 cash bales sold at an average price of 58.60 cents per pound. Furthermore, the Cotlook A Index dropped 20 points on Monday, standing at 78.10 cents per pound. Meanwhile, ICE cotton stocks remained steady, with certified stock levels at 14,478 bales. Notably, the USDA’s Adjusted World Price (AWP) decreased by 212 points last week, landing at 53.10 cents per pound.

Current Futures Prices

May 25 Cotton is trading at 65, up 91 points.

Jul 25 Cotton is priced at 66.17, up 82 points.

Dec 25 Cotton holds steady at 67.59, up 65 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 are provided solely for informational purposes. For more information, please view the Barchart Disclosure Policy.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.