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Cotton Slipping Back Lower on Turnaround TuesdayCotton futures are posting a Turnaround Tuesday weakness, with losses of 7 to 21 points. The outside markets are pressure factors today, as the US dollar index is up 285 points and crude oil futures are down $0.55/barrel. The last NASS Crop Progress report of the year showed the US cotton harvest at 84% complete, above the 80% average pace via the 5-year average. The Seam reported 10,173 bales of online sales on November 25 at an average price of 69.11 cents/lb. ICE cotton stocks were unchanged again on Monday, at 13,274 bales of certified stocks. The Cotlook A Index was up 15 points on 11/25 at 81.10 cents/lb. The USDA Adjusted World Price (AWP) was lowered by 229 points last Thursday afternoon to 55.91 cents/lb. Mar 25 Cotton is at 71.51, down 21 points, May 25 Cotton is at 72.63, down 9 points, Jul 25 Cotton is at 73.61, down 7 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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