Cotton futures found buyers heading into Christmas, with contracts up 23 to 35 points on Wednesday. Crude oil futures were another 12 cents per barrel higher at $58.50. The US dollar index was back up $0.037 to $97.650. The markets will be closed on Thursday for Christmas and open back up on Friday morning.
Export Sales data as of the week ending on 12/11 has cotton export commitments at 6.183 million RB, 14% below last year. That is also 54% of the USDA projection and lags the 72% average sale pace.
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The 12/23 online auction from The Seam showed sales of 24,874 bales at an average price of 59.80 cents/lb. The Cotlook A Index was down 20 points on December 23 at 73.50 cents. ICE certified cotton stocks were down 796 bales via decertification on Tuesday with the certified stocks level at 11,600 bales. The Adjusted World Price was updated last Thursday to 49.99 cents/lb, a 40 point drop from the previous week.
Mar 26 Cotton closed at 64.24, up 23 points,
May 26 Cotton closed at 65.49, up 29 points,
Jul 26 Cotton closed at 66.58, up 31 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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