Cotton #2 Futures Market News and Commentary
The front month cotton futures dropped 1.9% to 3.3% on Wednesday with losses of as much as 273 points. July futures are still 119 points above last week’s low. The market continues to fret about the debt ceiling negotiations, and about mixed signals regarding further Fed rate hikes in June.
The online cotton trading platform The Seam reported 8,064 bales sold at 72.40 cents for 5/23. The Cotlook A Index for 5/23 was 155 points weaker to 94.50 cents/lb. The AWP for cotton for the week is 68.10 cents/lb, and will be updated after the close on Thursday.
Jul 23 Cotton closed at 81.72, down 263 points,
Dec 23 Cotton closed at 80.28, down 216 points,
Mar 24 Cotton closed at 80.27, down 204 pointsOn the date of publication, Alan Brugler 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... Read more