Cotton Sales Surge on 'Giving Back Tuesday' Continue Increasing on Wednesdays
In the world of cotton trading, there have been some significant movements over the past week.
The USDA's Adjusted World Price (AWP) for cotton experienced a drop of 21 points last week, settling at 54.10 cents per pound. This price is valid until this Thursday.
Similarly, the price of cotton futures has also seen a decline. As of midday, cotton futures are down between 35 to 40 points. The price of Dec 25 Cotton currently stands at 67.29, a decrease of 39 points. Likewise, the Mar 26 Cotton price is at 69.21, down 36 points.
On Tuesday, 909 bales of cotton were sold at an average price of 63.60 cents per pound. However, it's important to note that there is no specific information available about the cotton futures price for October 25, the day of publication.
The US dollar index, meanwhile, has seen an increase. It is currently up $0.097 to $96.345.
In terms of cotton stocks, the levels have remained steady for two consecutive days (on September 15 and 16). ICE cotton stocks were at 15,474 bales on September 16, with no significant changes reported. The Cotlook A Index, a widely-used benchmark for cotton prices, remained unchanged at 78.10 cents on the same day.
It's crucial to remember that all the information and data presented in this article are for informational purposes only. They should not be considered as financial advice or an invitation to trade.
For more details, please refer to our Disclosure Policy, which can be found here. As of the date of publication, Austin Schroeder does not have positions in any of the securities mentioned in this article.
Stay tuned for more updates as the cotton market continues to evolve.
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