Cotton Prices Slide Further

August 28, 2024 11:10 AM PDT | By Team Kalkine Media

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Cotton Prices Slide Further — Image source: Shutterstock

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Headlines

Cotton Futures Dip on Wednesday
US Cotton Ratings Show Decline
ICE Cotton Stocks Drop Significantly

Cotton futures are experiencing a decline of 52 to 76 points to start Wednesday, following a drop of 9 to 28 points on Tuesday. The dollar index provided some support with a 276-point decrease, while crude oil futures fell by $1.61 per barrel, influencing the synthetic market.

The latest Crop Progress data indicates a 2% drop in US cotton condition ratings, now at 40% good/excellent. The Brugler500 index decreased by 9 points to 306, marking the lowest level this growing season. Texas saw a significant decline of 16 points, and Georgia's crop fell by 2 points. Online cash sales reported by The Seam were limited to 334 bales, averaging 62.96 cents per pound on Monday. ICE cotton stocks decreased by 9,147 bales on August 26 due to decertification, leaving only 266 bales of certified stocks. The Cotlook A Index fell by 90 points to 80.75 cents per pound on August 23. The USDA Average World Price (AWP) for the upcoming week is set at 55.90 cents per pound, a 55-point increase from the previous week. In comparison, financial stocks have also shown varied performance in recent weeks, reflecting broader market trends.

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