Cotton price action is up 3 to 26 points so far on Wednesday morning. Futures were 55 to 68 points higher at Tuesday’s close. Crude oil was down $8.38 on the day, though they did bounce $8 off the low on reports that Iran was placing mines in the waterway. They are back up $3.63 this morning. The US dollar index is back down $0.261 at $98.910.
The USDA WASDE report showed no changes to the US balance sheet, as stocks were left at 4.4 million bales. On the world balance sheet, stocks were up 1.25 million bales to 76.39 million, as Brazil and India stocks were up a combined, 1.5 million bales on increased supply.
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The Seam showed sales of 5,926 bales on March 9, averaging 62.44 cents/lb. The Cotlook A Index was back up 10 points on Monday at 74.75 cents. ICE certified cotton stocks were down 6,518 bales on 3/9 via decertification, with the certified stocks level at 121,986 bales. The Adjusted World Price was trimmed by 40 points last Thursday to 51.44 cents/lb.
May 26 Cotton closed at 65.3, up 68 points, currently up 25 points
Jul 26 Cotton closed at 67.17, up 60 points, currently up 18 points
Oct 26 Cotton closed at 68.99, up 58 points, currently down 11 points
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