Cotton #2 Futures PricesWed, May 25th, 2016
Latest Brugler Cotton #2 Report
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Cotton futures were sharply higher during the Tuesday session, despite a stronger US Dollar. Crude oil futures jumped more than $1 per barrel today. Strong housing starts data suggested more furniture and drapery sales, which both use some cotton. July 16 cotton posted its highest closing price since May 2, and the larges The Jul16 contract posted its highest closing price since May 3 today, and put in its largest intraday gain since April 18. Texas plantings advanced only 1 point from a week earlier, and were 10 points behind the five year average for this date. Statewide plantings are also behind schedule in Louisiana, but are running ahead of the average pace in Alabama (+2 points) and Mississippi (+10 points). The Cotlook A Index was 70 points higher to 70.05. ICE reported that there were 91,559 certified bales in warehouses on May 23, with 350 new certs and 0 decertified bales. There were 8,130 bales awaiting review. The USDA AWP for the week is 50.42, up from 50.19 last week. That cuts the LDP/MLG to 1.58 from 1.81.
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