Cotton Popping Higher at Midday
Cotton futures are posting 30 to 46 points across most contracts at midday. Crude oil prices are up $1.37/barrel, closing in on $65, with the US dollar index back up $0.466 at midday to $99.170.
USDA’s Export Sales data now has upland cotton sales at 11.525 million RB as of May 29, which is down 7% from last year, but still 111% of the USDA export forecast. That compares to the 112% 5-year average pace for this current week. Shipments have totaled 9.314 million RB, up 2% yr/yr and 90% if USDA’s expected number (vs. 81% on average).
Thursday’s auction from The Seam showed 1,660 bales sold at an average price of 66.20 cents/lb. The Cotlook A Index was down 75 points on 6/5 at 77.50. ICE cotton stocks were down 1,561 bales on June 5 vis decertification, with a certified stocks level of 52,139 bales.
Jul 25 Cotton is at 65.82, up 46 points,
Oct 25 Cotton is at 67.3, up 2 points,
Dec 25 Cotton is at 68.29, up 31 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.