Cotton Holding onto Midday Losses on Friday
Cotton futures are trading with midday losses of 100 to 110 points at midday, with nearby and thin October up 60 points. Crude oil is down $2.55 per barrel on the session, with the US dollar index $0.253 lower.
Limited information has been released on what was discussed between US and Chinese leaders this week, though a report late on Friday morning indicated USTR Greer was looking for some details to be released on Monday.
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USDA’s Export Sales report has export commitments at 4.735 million RB, which was 17% above the same time last year. That is 41% of the USDA export projection and behind the 49% average pace.
The Seam reported sales of 164 bales on Thursday at an average of 78.01 cents/lb. The Cotlook A index was steady on September 24 at 93.25. ICE certified cotton stocks were unchanged on 9/24, with the certified stocks level at 29,556 bales. The Adjusted World Price was down 283 points on Thursday to 66.09 cents/lb.
Oct 26 Cotton is at 79.51, up 60 points,
Dec 26 Cotton is at 82.22, down 109 points,
Mar 27 Cotton is at 85.03, down 103 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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