Market Movement
Cotton experienced a setback on Wednesday as the old crop market saw a decline of over 2 pennies per pound. Despite this, new crop futures managed to bounce back from their session lows by the closing bell, with prices still sitting at 82 to 96 points in the negative. Notably, Dec futures managed to pull back 33 points from their lowest point.
Trade Snapshot
The Seam reported 4,299 bales sold online on 3/26 at an average gross price of 79.32 cents. Meanwhile, the 3/26 Cotlook A Index climbed by 45 points to 96.90 cents per pound, showcasing some resilience. The Adjusted World Price (AWP) stands at 72.50 cents per pound, applicable for farm program purposes until Thursday. On the ICE front, certified stocks were recorded at 41,756 bales as of 3/20.
Market Close
May 24 Cotton closed at 90.77, observing a drop of 264 points. The Jul 24 Cotton closed at 91.44, down by 242 points, while Dec 24 Cotton settled at 83.34, with a decrease of 96 points from the previous session.
Disclaimer
As of the publication date, Alan Brugler did not hold any positions directly or indirectly in the securities discussed in this article. The information provided here is purely for informational purposes. For further details, refer to the Barchart Disclosure Policy.
The opinions expressed in this article represent the author’s viewpoints and do not necessarily align with those of Nasdaq, Inc.
