Cotton Posting Gains on Friday
Cotton futures are showing gains of 25 to 45 points so far at midday despite weaker outside markets. Crude oil futures are $1.13 per barrel lower at $57.22. The US dollar index is up $0.069 to $97.745.
Export Sales data as of the week ending on 12/11 has cotton export commitments at 6.183 million RB, 14% below last year. That is also 54% of the USDA projection and lags the 72% average sale pace.
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The 12/24 online auction from The Seam showed sales of 6,914 bales at an average price of 61.96 cents/lb. The Cotlook A Index was up 50 points on December 24 at 74.00 cents. ICE certified cotton stocks were steady on Wednesday with the certified stocks level at 11,600 bales. The Adjusted World Price was updated last Thursday to 49.99 cents/lb, a 40 point drop from the previous week.
Mar 26 Cotton is at 64.51, up 27 points,
May 26 Cotton is at 65.84, up 35 points,
Jul 26 Cotton is at 66.99, up 41 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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