Cotton futures closed out the Monday session with contracts up 207 to 263 points. The outside markets were not supportive. Crude oil futures were down $1.17/barrel, as the US dollar index was back up $0.452 on the day.
NASS Crop Progress data indicated a total of 4% of the US cotton crop has been planted as of Sunday, lagging the 6% pace from the 5-year average and the 5% from last year.
President Trump has responded to the Chinese retaliatory 34% tariff with an additional 50% on Chinese goods if they don’t take back the issued 34%. He gave them a deadline of Tuesday, April 8 to withdraw the tariffs.
The Cotlook A Index was back down 290 points on Friday at 76.70 cents/lb. ICE cotton stocks were unchanged on 4/4, with the current level of certified stocks at 14,488 bales. USDA’s Adjusted World Price (AWP) was back up 158 points last week to 55.22 cents/lb.
May 25 Cotton closed at 65.99, up 263 points,
Jul 25 Cotton closed at 66.89, up 233 points,
Dec 25 Cotton closed at 68.23, up 207 points
Source: barchart.com