Cotton futures are up 22 to 28 points a midday. The US dollar index was back down $0.375 to $98.545, as crude oil futures are another $1/barrel lower. OPEC+ announced another production hike of 547,000 barrels per day in September.
CFTC data showed spec funds in cotton futures and options adding 482 contracts from their net short position as of 7/29, taking the position to 40,361 contracts.
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The Seam showed sales of 84 bales on Thursday, with an average price of 60.45 cents/lb. The Cotlook A Index was down 40 points at 78.50 cents on August 1. ICE cotton stocks were steady on 8/1, with the certified stocks level at 21,617 bales. USDA’s Adjusted World Price (AWP) was back down 43 points on Thursday afternoon at 54.52 cents/lb.
Oct 25 Cotton is at 64.7, up 28 points,
Dec 25 Cotton is at 66.58, up 22 points,
Mar 26 Cotton is at 67.96, up 27 points
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