Cotton saw weakness on Thursday, as contracts retreated 70 to 85 points lower in the nearbys. Crude oil futures were up just 4 cents per barrel on the day at $65.46. The US dollar index was up $0.100 at $97.725.
Export Sales data from this morning showed a total of 253,229 RB of cotton sold in the week ending on February 19. That was a 45.69% decline from the week prior and 18.95% below the same week last year. Bangladesh was the largest buyer at 70,700 RB, with 59,700 RB sold to India. Shipments were tallied at 193,005 RB in that week, which was back up 11.81% from the previous week. Vietnam was the top destination of 74,200 RB, with 21,300 RB sold to Pakistan.
The Seam showed sales of 10,891 bales sold on 2/25, averaging 60.73 cents/lb. The Cotlook A Index was back up 30 points on Tuesday at 75.85 cents. ICE certified cotton stocks were steady on February 24, with the certified stocks level at 119,457 bales. The Adjusted World Price was raised by 1.79 cents to 51.84 cents/lb.
Mar 26 Cotton closed at 63.36, down 81 points,
May 26 Cotton closed at 65.36, down 81 points,
Jul 26 Cotton closed at 67.07, down 73 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.
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