Cotton futures are trading with modest Tuesday midday losses of 11 to 18 points, despite a friendly USDA report. Crude oil is down $0.53 per barrel on the session, with the US dollar index $0.730 lower.
Crop Production data showed US cotton yield down 15 lbs/ac to 775, as production was trimmed by 267,000 bales to 13.175 million. WASDE data showed domestic use trimmed by 100,000 bales, with ending stocks down 100,000 bales to 3.7 million bales on the production cut.
Cotton Ginnings data showed 2.05 million running bales ginned in the last two week of October, taking the marketing year total to 3.7 million RB as of November 1. That is down 898,000 RB from the same period last year and a 3-year low.
USDA’s weekly Crop Progress report showed 94% of the US cotton crop with bolls open, behind the 98% 5-year average pace. Harvest was at 71%, well above the 63% average pace.
The Seam reported 6,182 bales sold on Monday, at an average of 81.94 cents/lb. The Cotlook A index was up 30 points on November 9 at 90.70. ICE certified cotton stocks were down 345 bales on a mix of new certs and decertification on 11/9, with the certified stocks level at 75,380 bales. The Adjusted World Price was down 94 points on last week to 63.57 cents/lb.
Dec 26 Cotton is at 78.63, down 15 points,
Mar 27 Cotton is at 82.49, down 11 points,
May 27 Cotton is at 83.97, down 18 points
On the date of publication, Austin Schroeder did not directly have a position 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.