Cotton futures posted Thursday gains of 25 to 30 points in the front months at the close. Crude oil futures were down $1.72 per barrel on the day at $62.91. The US dollar index was up $0.090 to $96.92.
The National Cotton Council estimates the US cotton planted area total at 9 million acres this year according to their annual survey.
USDA’s Export Sales report from this morning showed a total of 231,031 RB of cotton sold in the week ending on February 5. That was back down from the week prior, but still 22.3% above the same week last year. A total of 95,400 RB was sold to Vietnam, with 45,800 RB to Turkey, and 27,600 RB to Pakistan. Shipments were 188,597 RB, a 3-week low. Vietnam was the top buyer of 69,700 RB, with 32,900 RB headed to Pakistan.
The Seam showed sales of 11,722 bales sold on 2/11, averaging 57.17 cents/lb. The Cotlook A Index was unchanged on Wednesday at 73.30 cents. ICE certified cotton stocks were up another 3,136 bales February 11, with the certified stocks level at 102,232 bales. The Adjusted World Price was trimmed to 49.39 cents/lb this afternoon, down 39 points from last week..
Mar 26 Cotton closed at 62.29, up 30 points,
May 26 Cotton closed at 64.33, up 29 points,
Jul 26 Cotton closed at 65.98, up 29 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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