Cotton Dips with Old Crop Losses
As Wednesday unfolded, cotton took a downward turn, ending approximately 40 points above the day’s lowest mark. Old crop futures faced triple-digit losses, while new crop futures saw a decline of 17 to 20 points.
Industry Indices and Stocks Update
The Cotlook A Index weakened by 5 points to 98.40 cents per pound. In the latest Cotton Market Review by USDA, 11,320 bales were sold at an average price of 89.25 cents per pound. Furthermore, the updated AWP stands at 76.10 cents per pound for the week until Thursday. Meanwhile, ICE certified stocks climbed by 1,100 bales, bringing the total to 27,765 as of March 13th.
Cotton Futures Closing Figures
May 24 Cotton: closed at 92.18, down by 116 points.
Jul 24 Cotton: closed at 92.12, a decrease of 100 points.
Dec 24 Cotton: closed at 83.8, down 20 points.
On the date of publication, Alan Brugler 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.
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