Cotton Sticking Near Unchanged on Friday
Cotton futures are down 9 to 64 points in the old crop contracts on Friday, with December up 11 points. Crude oil futures are back up $1.21/barrel. The US dollar index is posting another round of weakness, with losses of $0.685 so far on the day to $99.920.
USDA Export Sales data from Thursday showed cotton export business at 10.553 million RB. That is now 103.4% of the new USDA export projection, with the 5-year average sales pace at 103%. Export shipments are 6.761 million RB, which is 66.2% of USDA’s new number ahead of the 5-year average pace of 62%.
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The Seam reported 1,207 cash bales sold on April 10 Thursday, at an average price of 56.56 cents/lb. The Cotlook A Index was back up 100 points on Thursday at 78.55 cents/lb. ICE cotton stocks were steady on 4/10, with the current level of certified stocks at 14,488 bales. USDA’s Adjusted World Price (AWP) was back down 212 points on Thursday to 53.10 cents/lb.
May 25 Cotton is at 65.83, down 64 points,
Jul 25 Cotton is at 66.91, down 9 points,
Dec 25 Cotton is at 68.39, up 11 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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