Cotton futures are pushing off the early weakness on Wednesday with gains of 60 to 75 points at midday. The US dollar index is $0.614 lower at $99.140. Crude Oil is weaker, down $1.56 as the Middle East situation has cooled off after a post from President Trump suggested Iran is looking for a ceasefire.
March Prospective Plantings data from Tuesday morning showed cotton acres seen at 9.64 million acres this spring. That was a 409,000 increase from estimates and would be 357,000 acres above a year ago.
The Seam showed 19,245 bales sold on March 31 at an average of 73.86 cents/lb. The Cotlook A Index was up 75 points on Tuesday at 80.95 cents. ICE certified cotton stocks were unchanged on 3/31, with the certified stocks level at 114,665 bales. The Adjusted World Price was raised by 25 points last Thursday to 54.47 cents/lb.
May 26 Cotton is at 70.65, up 65 points,
Jul 26 Cotton is at 72.87, up 74 points,
Dec 26 Cotton is at 74.95, up 61 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.
