Cotton Strength Extending to Thursday
Cotton futures are showing midday gains of 85 to 109 on Thursday. The outside markets are supportive on the day. Crude oil futures are up 8 cents/barrel and the US dollar index $0.342 higher on the day.
USDA Export Sales data totaled 84,405 RB for 2024/25 in the week ending on March 20, a MY low. Pakistan was the buyer of 35,300 RB, with 18,900 MT sold to Vietnam. China saw net reduction of 27,000 RB. New crop sales were the lowest in 4 weeks at 41,624 RB. Shipments were tallied at 396,407 RB, the second highest export total for the marketing year. Of that, 114,900 RB was headed to Vietnam, with 69,400 RB to Turkey and 68,100 RB to Pakistan.
The Seam showed 9,044 bales in online sales on March 26 at an average price of 67.16 cents/lb. The Cotlook A Index was back down 35 points on Wednesday at 77.40 cents/lb. ICE cotton stocks were unchanged on 3/26, with the current level of certified stocks at 14,488 bales. USDA’s Adjusted World Price (AWP) was up 87 points last Thursday to 54.63 cents/lb. It will be updated later today.
May 25 Cotton is at 66.77, up 109 points,
Jul 25 Cotton is at 68.12, up 90 points,
Dec 25 Cotton is at 70.14, up 85 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.