Cotton Higher on Friday Despite Stronger Dollar Influence
Cotton futures are showing 21 to 30 point gains on Friday. Crude oil futures are up $1.25/barrel on the day ahead of the weekend with the world waiting on Israel’s response to Iran’s ballistic missile attack from earlier in the week. That is adding some support, with the dollar index up 615 points following this morning’s better than expected jobs report.
Export Sales data showed commitments of shipped and unshipped sales at 5.055 million RB, which is down 13% from the same time last year. It is also 46% of the USDA export projection, behind the 58% average selling pace
The Seam reported 684 online cash cotton bale sales on Thursday, averaging 74.59 cents/lb. ICE cotton stocks were unchanged on October 2, leaving 265 bales of certified stocks. The Cotlook A Index was up 25 points on October 3 at 85.10 cents/lb. The USDA Adjusted World Price (AWP) was trimmed by 25 points on Thursday to 60.81 cents/lb and is good through next week.
Dec 24 Cotton is at 73.03, up 30 points,
Mar 25 Cotton is at 75.04, up 24 points,
May 25 Cotton is at 76.26, up 21 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.
