Cotton price action is up 20 to 27 points so far on Wednesday morning. Futures followed the Monday strength with Tuesday gains of 40 to 45 points at the close. Crude oil futures were back down $1.35 per barrel at $56.97. The US dollar index was up $0.353 at $98.335.
Export sale commitments for cotton have reached 6.5 million RB as of 12/25, down 15% from the same week last year. That is 57% of the USDA estimate and well behind the 75% average pace to meet that projection.
The Seam’s online auction showed sales of 27,248 bales on January 5 at an average price of 59.70 cents/lb. The Cotlook A Index was down 25 points on Tuesday at 74.05 cents. ICE certified cotton stocks were steady on 1/5 with the certified stocks level at 11,510 bales. The Adjusted World Price was updated to 50.76 cents/lb last week, up 74 points from the week prior.
Mar 26 Cotton closed at 65.06, up 41 points, currently up 28 points
May 26 Cotton closed at 66.43, up 44 points, currently up 28 points
Jul 26 Cotton closed at 67.74, up 43 points, currently up 28 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.
