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
