Cotton Rallying into the Weekend
Cotton futures are trading with gains of 86 to 99 points at Friday’s midday. Crude oil is up $1.21 per barrel, with the US dollar index $0.388 lower.
Export Sales data updated on Thursday showed old crop cotton commitments at 11.976 million RB as we rounded out the marketing year. That was 1% above the same period last year and 102% of the USDA forecasted export total. New crop business is at 3.12 million RB, wich is 43.33% ahead of the same pace from last year.
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The Seam reported 72 bales sold on the 8/6 sale, with an average price of 67.75 cents. The Cotlook A Index was up 50 points on August 6 to 93.50 cents. ICE certified cotton stocks were steady on Wednesday, with the certified stocks level at 84,632 bales. The Adjusted World Price was raised by 163 points on Thursday to 66.29 cents/lb.
Oct 26 Cotton is at 82.95, up 99 points,
Dec 26 Cotton is at 84.02, up 86 points,
Mar 27 Cotton is at 85.79, up 90 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.
