Cotton futures pushed to new lows on Friday, with contracts down 35 to 41 points at the close. December was 113 points in the red this week. Crude oil futures were back up $1.23 per barrel to $59.92 on the day, with the US dollar index $0.120 higher to $99.170.
USDA raised yield on the US cotton this morning, up 58 lbs/acre, to 919 lbs. That took production up 900,000 bales to 14.12 million. Exports were increased 200,000 bales to 12.2 million, as stocks were up 700,000 bales to 4.3 million.
The Thursday online auction from The Seam showed 834 bales sold with an average price of 59.91 cents/lb. The Cotlook A Index was down 45 points on 11/13 at 74.95 cents. ICE certified cotton stocks were up 1,005 on November 13 with the certified stocks level at 19,244 bales. The Adjusted World Price was released for the first time in more than a month on Thursday at 51.83 cents/lb. It is good through next Thursday.
Dec 25 Cotton closed at 62.49, down 41 points,
Mar 26 Cotton closed at 64.13, down 40 points,
May 26 Cotton closed at 65.35, down 35 points
On the date of publication, Austin Schroeder 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.
