Cotton futures got a pop higher into the close, as contracts were down 7 to 18 points in most contracts, well off the intraday lows. Crude oil futures were up $2.04/barrel, as the US dollar index is $0.130 higher on the day.
USDA’s Prospective Planting report tallied a total of 9.867 million cotton acres intended for this spring, which is slightly below the average trade estimate. That would be a decline of 1.315 million acres from last year if realized.
The Seam showed 2,234 bales in online sales on 3/28 at an average price of 60.52 cents/lb. The Cotlook A Index was back up 125 points on Friday at 79.15 cents/lb. ICE cotton stocks were unchanged on March 28, with the current level of certified stocks at 14,488 bales. USDA’s Adjusted World Price (AWP) was back down 97 points in on Thursday afternoon report to 53.66 cents/lb.
May 25 Cotton closed at 66.83, down 7 points,
Jul 25 Cotton closed at 67.99, down 11 points,
Dec 25 Cotton closed at 69.92, down 17 points
Source: barchart.com