Cotton futures posted gains of 26 to 38 points across most contracts on Thursday. Crude oil futures were up $1.24 per barrel on the day at $66.43. The US dollar index was up $0.139 to $97.760.
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 up 66 points this afternoon to 50.05 cents/lb.
Mar 26 Cotton closed at 61.93, up 38 points,
May 26 Cotton closed at 64.14, up 38 points,
Jul 26 Cotton closed at 65.73, up 26 points
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