Cotton Futures Show Mixed Results Amid Supportive Market Conditions
Cotton futures ended Tuesday on a positive note for the near months, with increases ranging from 11 to 27 points. However, some deferred contracts experienced slight declines, falling between 1 to 8 points. The broader market conditions helped this stabilization; notably, the US dollar index decreased by 86 points while crude oil futures rose by 34 cents per barrel.
Harvest Progress and Recent Sales Data
According to the latest Weekly Crop Progress report, 77% of the US cotton crop had been harvested as of November 17, which is 5 percentage points ahead of the typical pace.
Market Statistics and Price Movements
On November 18, The Seam recorded 1,283 bales of online sales at an average price of 63.43 cents per pound. Meanwhile, certified stocks on ICE increased by 87 bales to reach a total of 13,274 bales. The Cotlook A Index saw a decline of 150 points on November 18, bringing it to 79.35 cents per pound. Conversely, the USDA Adjusted World Price (AWP) climbed 24 points last week to settle at 58.20 cents per pound.
Closing Prices for Cotton Futures
Here are the closing prices for key cotton futures contracts:
- Mar 25 Cotton closed at 69.25, up 23 points
- May 25 Cotton closed at 70.5, up 15 points
- Jul 25 Cotton closed at 71.68, up 11 points
On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information presented is for informational purposes only. For further details, please refer to the Barchart Disclosure Policy
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
