Cotton prices are 15 to 25 points higher so far. Futures closed the Wednesday session with contracts 3 to 12 points higher. Crude oil futures were up $2.74 per barrel on the day at $65.07. The US dollar index was up $0.570 to $97.630.
USDA’s Ag Outlook Forum showed the office of the Chief Economist’s initial balance sheet this morning, with cotton acreage pegged at 9.4 million acres to be planted this spring. Production is seen at 13.650 million bales.
The Seam showed sales of 8,501 bales sold on 2/17, averaging 58.11 cents/lb. The Cotlook A Index was steady again on Tuesday at 73.85 cents. ICE certified cotton stocks were up another 4,496 bales on February 17, with the certified stocks level at 110,014 bales. The Adjusted World Price was trimmed to 49.39 cents/lb last week. It is good through Thursday.
Mar 26 Cotton closed at 61.55, up 3 points, currently up 21 points
May 26 Cotton closed at 63.76, up 12 points, currently up 24 points
Jul 26 Cotton closed at 65.47, up 10 points, currently up 18 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.
