Cotton and Crude Oil Futures Experience Mixed Movement on Tuesday

Cotton futures are currently trading between 56 to 77 points lower as of Tuesday. Meanwhile, crude oil futures have declined by 34 cents per barrel. The US dollar index has seen an uptick, rising by $0.112 today.

Tariffs on Chinese Goods Set to Increase

The new 50% tariffs on imports from China will take effect tomorrow, April 9, bringing the total tariffs on all Chinese goods to 104%.

US Cotton Crop Progress and Market Data

According to the NASS Crop Progress report, only 4% of the US cotton crop has been planted as of Sunday. This figure is below the 5-year average pace of 6% and slightly under last year’s 5% planting rate.

On April 7, there were 539 cash bales sold on The Seam at an average price of 63.34 cents per pound. The Cotlook A Index also saw a decrease, falling by 145 points to 75.25 cents per pound on Monday. ICE cotton stocks remained steady as of April 7, with certified stocks totaling 14,488 bales. Notably, the USDA’s Adjusted World Price (AWP) increased by 158 points last week to reach 55.22 cents per pound.

Current Cotton Prices

May 25 Cotton is marked at 65.43, down 56 points.

Jul 25 Cotton is presently at 66.12, down 77 points.

Dec 25 Cotton stands at 67.51, down 72 points.

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are intended solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

 

More Insights from Barchart

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