Cotton Holding onto Gains at Thursday’s Midday
Cotton futures are trading with gains of 10 to 23 points so far on Thursday. Crude oil futures are up $1.39 per barrel on the day at $66.64. The US dollar index is up $0.199 to $97.820.
USDA’s Ag Outlook Forum showed the office of the Chief Economist’s initial balance sheet this morning, with cotton acreage pegged at 9.4 million acres to be planted this spring. Production is seen at 13.650 million bales.
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The Seam showed sales of 16,513 bales sold on 2/18, averaging 58.85 cents/lb. The Cotlook A Index was down 30 points on Wednesday at 73.55 cents. ICE certified cotton stocks were up another 2,565 bales on February 18, with the certified stocks level at 117,075 bales. The Adjusted World Price was trimmed to 49.39 cents/lb last week. It will be updated later today.
Mar 26 Cotton is at 61.76, up 21 points,
May 26 Cotton is at 63.99, up 23 points,
Jul 26 Cotton is at 65.57, up 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.
