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Cotton Heading Lower on WednesdayCotton prices are showing 39 to 61 point losses on Wednesday morning, the Dollar is stronger and crude oil is weaker. Futures saw marginal movement on Tuesday, with contracts sticking close to unchanged at the closing bell, withing 5 points of unchanged. The outside markets are supportive, with crude oil up 52 cents/barrel and the US dollar index 470 points lower. US cotton exports during September totaled 502,522 bales, which was a 9-year low. That was down 23.11% from a year ago and 26.64% below the August total. The Seam reported 686 bales of online sales on November 4 at an average price of 70.43 cents/lb. ICE cotton stocks were unchanged on Monday, leaving 174 bales of certified stocks. The Cotlook A Index was back up 50 points on 11/4 at 82.20 cents/lb. The USDA Adjusted World Price (AWP) was down 74 points to 58.54 cents/lb per last Thursday afternoon’s update. Mar 25 Cotton closed at 72.32, up 5 points, currently down 46 points May 25 Cotton closed at 73.73, down 3 points, currently down 51 points Jul 25 Cotton closed at 75.01, down 2 points, currently down 50 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. |
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