Cotton price action is steady to 11 points higher so far on Wednesday morning. Futures fell from early session highs, as contracts closed within 5 points of unchanged on Tuesday. Crude oil futures are down $0.16 per barrel on the day at $64.20. The US dollar index was up $0.042 to $96.730.
USDA’s update to the WASDE balance sheet showed a 200,000 bale cut to exports, as ending stocks were raised by 200,000 bales to 4.4 million bales. World ending stocks were raised by 630,000 bales to 75.11 million bales.
Cotton Ginnings data showed 507,350 RB ginned from January 15 to February 1, with the marketing year total at 13.202 million RB.
The Seam showed sales on 10,196 bales sold on 2/9, averaging 58.01 cents/lb. The Cotlook A Index was down another 25 points on Monday at 72.55 cents. ICE certified cotton stocks were up another 1,597 bales February 9, with the certified stocks level at 95,158 bales. The Adjusted World Price was down another 42 points to 49.78 cents/lb last Thursday.
Mar 26 Cotton closed at 61.59, down 2 points, currently up 11 points
May 26 Cotton closed at 63.78, up 2 points, currently up 4 points
Jul 26 Cotton closed at 65.48, up 3 points, currently up 3 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.
