Cotton futures were up 16 points to down 21 points at the Thursday close, as May was up 146 points this week. The US dollar index was $0.402 higher at $99.860. Crude Oil was up $11.94 at $112.06, after President Trump’s address the nation on Wednesday night that indicated 2-3 weeks more of strikes and an uncertain fate to the Strait of Hormuz. The market is closed on Friday in observance of Good Friday.
Export Sales data showed a total of 371,475 RB of 25/26 cotton sold in the week ending on 3/26. That was a 6-week high and well above the same period last year. Vietnam purchased 175,500 RB, with 59,400 RB to Turkey. New crop sales were 117,271 RB, the second largest for the marketing year. Total sales of 488,746 RB were the largest in 6 weeks. Shipments were at 356,663 RB in that week, which was down 10.96% from last week. Vietnam was the top destination at a total of 104,100 RB.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
Census trade data showed February cotton exports (excluding linters) at 1.072 million bales, a 10-year low for the month, buy still 15.51% above January.
The Seam showed 2,488 bales sold on 4/1 at an average of 63.03 cents/lb. The Cotlook A Index was down 20 points on April 1 at 80.75 cents. ICE certified cotton stocks were unchanged on Wednesday, with the certified stocks level at 114,665 bales. The Adjusted World Price was raised by 252 points on Thursday afternoon to 56.99 cents/lb.
May 26 Cotton closed at 70.92, up 16 points,
Jul 26 Cotton closed at 73.05, up 11 points,
Dec 26 Cotton closed at 74.98, down 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
