Cotton Reverting Lower on Wednesday

Cotton futures are trading with midday losses of 47 to 63 cents so far on Wednesday. The US dollar index was back down $0.327 to $97.600, as crude oil futures are down another 84 cents.

USDA showed a total of 840,000 planted acres and 1.3 million harvested acres cut from cotton on Tuesday with yield up 53 lbs to 862 lbs/ac. Production was still trimmed by 1.39 million bales to 13.21 million bales. That, mixed with a 100,000 bale cut to old crop stocks to 4 million bales, helped to tighten the new crop stocks. That was down 1 million bales to 3.6 million with a 500,000 bale cut to exports.Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.

The Seam reported 1,066 bales sold on the Tuesday online auction at an average price of 60.98 cents/lb. The Cotlook A Index was back up 20 points at 78.20 cents on August 12. ICE cotton stocks were steady on 8/11, with the certified stocks level at 18,242 bales. USDA’s Adjusted World Price (AWP) was down 13 points on Thursday afternoon at 54.39 cents/lb.

Oct 25 Cotton is at 66.6, down 47 points,

Dec 25 Cotton is at 67.76, down 63 points,

Mar 26 Cotton is at 69.33, down 51 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.

More news from Barchart

Can Cotton Break Out from Its Bearish Trend?Cotton Prices Are Trending Up. How Much Higher Can They Go?Cotton Pops Higher: Is the Downtrend in Prices Really Over?Did Cotton Prices Just Hit a Bottom After Falling to a 9-Week Low?

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.