Cotton futures posted weakness on Thursday with contracts closing down 9 to 25 points. Crude oil futures were up $2.28 per barrel on the day at $65.49. The US dollar index was back down $0.264 to $96.010.
Export Sales data showed 203,666 RB of cotton sold in the week ending on 1/22, a 3-week low. A total of 52,000 RB was sold to Pakistan, with 45,600 RB sold to Vietnam and 38,800 RB to China. Shipments were at 257,036 RB for that week, the largest since May. A total of 114,400 RB was headed to Vietnam, with 37,600 RB to Turkey.
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Census trade data had cotton exports (excluding linters) at 539,059 bales, a 4-year low for November.
The Wednesday online auction from The Seam showed sales of 59.34 cents/lb on 9,834 bales. The Cotlook A Index was back up 85 points on January 27 at 74.15 cents. ICE certified cotton stocks were up 3 bales on 1/28 with the certified stocks level at 8,600 bales. The Adjusted World Price was updated to 50.23 cents/lb this afternoon, down 76 points from the week prior.
Mar 26 Cotton closed at 63.48, down 25 points,
May 26 Cotton closed at 65.37, down 9 points,
Jul 26 Cotton closed at 67.01, down 9 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.
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