Cotton Closes Mixed on Thursday
Cotton futures rounded out Thursday with missed trade as most contracts were down 18 to 4 points higher and soon to expire March up 87 points. Thursday. Crude oil was up $4.23 on the day to $78.89. The US dollar index was back up $0.300 at $99.030.
USDA Export Sales data from this morning showed 150,362 RB of old crop cotton sold in the week ending on 2/26, which was down 40.62% from last week and 9.9% below the same week last year. Vietnam was the top buyer of 50,800 RB, with 27,900 RB to Pakistan. There was an additional 54,636 RB sold for new crop. Export shipments were tallied at 282,155 RB, which was 46.19% larger than the week prior and 5.46% above the same week last year. That was a marketing year high, as 94,600 RB was headed to Vietnam, with 39,800 RB to Pakistan.
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The Seam showed sales of 3,625 bales sold on 3/4, averaging 61.37 cents/lb. The Cotlook A Index was down 45 points on Tuesday at 74.50 cents. ICE certified cotton stocks were unchanged on March 3 with the certified stocks level at 129,302 bales. The Adjusted World Price was trimmed by 40 points on Thursday to 51.44 cents/lb.
Mar 26 Cotton closed at 63.03, up 87 points,
May 26 Cotton closed at 64.04, down 12 points,
Jul 26 Cotton closed at 66, down 10 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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