Cotton price action has futures down 7 to 17 points early on Wednesday. Futures closed out the Tuesday session with contracts slipping 6 to 35 lower. Crude oil prices are trading with gains of $1.67/barrel. The US dollar index was back down $0.789 to $100.810.
Crop Progress data showed 28% of the US cotton crop planted as of 5/11, now behind the 31% average planting pace. Texas planting progress was 2 points back of average at 27%,w ith GA at 24%, behind the 28% average.
The Friday online auction from The Seam showed sales of 1,415 bales at an average price of 68.86 cents/lb. The Cotlook A Index was steady on Monday at 78.25. ICE cotton stocks were up 4,990 bales on May 12 on new certifications, with a certified stocks level of 27.240 bales. USDA’s Adjusted World Price (AWP) was back down 13 points last Thursday to 54.81 cents/lb.
Jul 25 Cotton closed at 66.28, down 35 points, currently down 17 points
Oct 25 Cotton closed at 68.83, down 6 points, currently unch
Dec 25 Cotton closed at 68.77, down 8 points, currently down 9 points
