Cotton futures got a pop higher into the close, as contracts were down 7 to 18 points in most contracts, well off the intraday lows. Crude oil futures were up $2.04/barrel, as the US dollar index is $0.130 higher on the day.
USDA’s Prospective Planting report tallied a total of 9.867 million cotton acres intended for this spring, which is slightly below the average trade estimate. That would be a decline of 1.315 million acres from last year if realized.
Commodity Bulletin: From crude oil to coffee, this FREE newsletter is for industry pros and rookies alike
The Seam showed 2,234 bales in online sales on 3/28 at an average price of 60.52 cents/lb. The Cotlook A Index was back up 125 points on Friday at 79.15 cents/lb. ICE cotton stocks were unchanged on March 28, with the current level of certified stocks at 14,488 bales. USDA’s Adjusted World Price (AWP) was back down 97 points in on Thursday afternoon report to 53.66 cents/lb.
May 25 Cotton closed at 66.83, down 7 points,
Jul 25 Cotton closed at 67.99, down 11 points,
Dec 25 Cotton closed at 69.92, down 17 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.
