Cotton Rallying on Thursday with Outside Support

Cotton futures are trading with 38 to 43 points higher at midday. Crude oil is up another $3.25/barrel, following increasing US sanctions on Russian oil companies and reports that Chinese buyers are limiting purchases. The US dollar index is up $0.152 to $98.825.

The Wednesday online auction from The Seam showed 832 bales sold with an average price of 64.10 cents/lb. The Cotlook A Index was back up 25 points on 10/22 at 75.85 cents. ICE certified cotton stocks were steady on October 22, with the certified stocks level at 17,552 bales. The AWP is still not being reported due to the government shutdown.Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.

Dec 25 Cotton is at 64.17, up 43 points,

Mar 26 Cotton is at 65.81, up 39 points,

May 26 Cotton is at 67.03, up 38 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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