Cotton Holds onto Thursday Gains
Cotton futures closed the Thursday session with contracts 47 to 72 points in the green. Crude oil futures were 95 cents/barrel higher. The US dollar index was higher, up $0.277 to $97.220.
Export Sales data showed a total of 32,748 RB in net reductions for old crop cotton in the week ending on 7/17. New crop was net sales of 132,624 RB, the second largest this MY. Shipments were pegged at 184,849 RB, which was back up from the week prior. Vietnam was the top buyer of 46,700 RB, with 28,500 RB to Pakistan.
The Seam showed sales of 2,800 bales on Wednesday, with an average price of 60.78 cents/lb. The world focused Cotlook A Index was up 5 points at 78.70 on July 23. ICE cotton stocks were down 702 bales on decertification on 7/23, with the certified stocks level at 21,635 bales. USDA’s Adjusted World Price (AWP) was up 23 points on earlier today at 54.95 cents/lb.
Oct 25 Cotton closed at 67.34, up 72 points,
Dec 25 Cotton closed at 68.71, up 47 points,
Mar 26 Cotton closed at 70.13, up 50 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.