Cotton Holds Slight Gains on Thursday
Cotton futures were steady to 5 points higher on Thursday, with October down 19 points on thin trade. The US dollar index was down $0.207 on the day to $97.540 with crude oil futures $1.45 lower.
USDA’s weekly Export Sales report showed 129,598 RB of cotton sold in the week ending on 9/4, a 3-year low. Vietnam was the top buyer of 61,500 RB, with China buying 17,600 RB. Shipments were 130,206 RB, back down from last week. The top destination was Vietnam at 43,500 RB, with 19,600 RB to Pakistan.
The Seam reported 433 bales sold on Wednesday at an average price of 63 cents/lb. The Cotlook A Index was up 20 points at 77.85 cents on September 10. ICE cotton stocks were steady on 9/9, with the certified stocks level at 15,474 bales. USDA’s Adjusted World Price (AWP) was down another 21 points on Thursday at 54.10 cents/lb.
Oct 25 Cotton closed at 65.37, down 19 points,
Dec 25 Cotton closed at 66.72, up 5 points,
Mar 26 Cotton closed at 68.63, up 4 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.