Cotton futures are up 4 points to down 14 points at midday. The US dollar index is $0.347 higher at $99.805. Crude Oil is up $10.54 higher at midday, following President Trump’s address the nation on Wednesday night that indicated 2-3 weeks more of strikes and an uncertain fate to the Strait of Hormuz. Thursday will be the last trade day for the week as the markets are off for Good Friday.
Export Sales data showed a total of 371,475 RB of 25/26 cotton sold in the week ending on 3/26. That was a 6-week high and well above the same period last year. New crop sales were 117,271 RB, the second largest for the marketing year. Total sales of 488,746 RB were the largest in 6 weeks. Shipments were at 356,663 RB in that week, which was down 10.96% from last week.
Census trade data showed February cotton exports (excluding linters) at 1.072 million bales, a 10-year low for the month, buy still 15.51% above January.
The Seam showed 2,488 bales sold on 4/1 at an average of 63.03 cents/lb. The Cotlook A Index was down 20 points on April 1 at 80.75 cents. ICE certified cotton stocks were unchanged on Wednesday, with the certified stocks level at 114,665 bales. The Adjusted World Price was raised by 25 points last week to 54.47 cents/lb. It will be updated this afternoon.
May 26 Cotton is at 70.68, down 8 points,
Jul 26 Cotton is at 72.98, up 4 points,
Dec 26 Cotton is at 74.94, down 14 points
