Cotton Posting Strength with Outside Support
Cotton futures are up 29 to 65 points so far on Friday, with some help from the outside market. Crude oil is up $4.16/barrel at midday following Israel strikes on Iran overnight. The US dollar index is back up $0.129 to $98.03.
Weekly Export Sales data from USDA shows commitments at 11.586 million RB, which is 8.2% above the USDA export projection that was raised on Thursday. Normally, exporters would have sales 14% above USDA’s estimate. Actual shipments are at 9.55 million RB which is 89.2% of the USDA number and ahead of the 83% average shipping pace.
The Cotlook A Index was unchanged on 6/12 at 78.05. ICE cotton stocks steady on June 12 via new certifications, with a certified stocks level of 62,212 bales. USDA’s Adjusted World Price (AWP) was back up 26 points on Thursday afternoon at 54.02 cents/lb.
Jul 25 Cotton is at 65.43, up 29 points,
Oct 25 Cotton is at 66.15, up 63 points,
Dec 25 Cotton is at 67.98, up 51 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.