Cotton Facing Outside Pressure on Friday
Cotton futures are down 34 to 51 points at midday. Crude oil futures were up $0.85 per barrel on the day at $64.57. The US dollar index was back up $0.718 to $96.855.
Cotton export commitments are 7.553 million RB as of 1/22, down 13% from a year ago. That is 66% of USDA’s export projection and well shy of the 84% 5-year average.
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Thursday’s online auction from The Seam showed sales of 57.51 cents/lb on 6,183 bales. The Cotlook A Index was steady on January 27 at 74.15 cents. ICE certified cotton stocks were unchanged on 1/29 with the certified stocks level at 8,600 bales. The Adjusted World Price was updated to 50.23 cents/lb this afternoon, down 76 points from the week prior.
Mar 26 Cotton is at 63.14, down 34 points,
May 26 Cotton is at 64.86, down 51 points,
Jul 26 Cotton is at 66.53, down 48 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.
