Cotton Harvest Advances Early on Thursday
In the recent trading sessions, cotton prices have experienced a significant decline across various contracts.
On December 25, the Cotton No. 2 futures contract closed at 67.25, marking a drop of 43 points compared to the previous close. This decline continued on Thursday morning, with prices falling an additional 25 to 50 points.
Similarly, the December 25 Cotton is currently down 47 points from its previous close. The October 25 Cotton, on the other hand, closed at 65.86, down 53 points, and is currently 28 points lower.
The Mar 26 Cotton contract also saw a drop, closing at 69.2, down 37 points. Currently, it is 47 points lower than its previous close.
The USDA's Adjusted World Price (AWP) for cotton was down another 21 points last week, settling at 54.10 cents per pound.
The Seam reported 909 bales sold on Tuesday at an average price of 63.60 cents per pound.
Futures were weaker on Wednesday, with contracts down 37 to 53 points across the nearbys.
Ice cotton stocks remained steady on September 16, with the certified stocks level at 15,474 bales. The Cotlook A Index was unchanged at 78.10 cents on September 16.
Interest rates also saw a change, with the Fed cutting rates by 25 basis points, as expected on Wednesday. The US dollar index was up $0.392 on the day to $96.640.
It's important to note that all information and data in this article are for informational purposes only. The author, Austin Schroeder, does not hold any positions in the mentioned securities at the date of publication.
For more detailed information and the Disclosure Policy, please visit the provided website link.
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