Cotton futures posted gains of 3 to 45 points on Friday, with a weekly gain of 215 points in May. The US Dollar Index rose $0.337 to $100.045. Crude oil saw some late-session buying up $6.68 on the day to $101.16.
Export sales data now shows RB9.556 billion of combined cotton sales and shipments as of March 19, down 7% from a year ago. This represents 85% of the USDA’s export projection and is behind the average sales pace of 98%.
The special funds trimmed another 6,757 contracts from their net short position as of Tuesday, bringing it to 33,448 contracts.
March Intents data is expected to show cotton acreage at 9.229 million acres, according to a Reuters poll of analysts, which would be slightly down from last year.
The Seam showed 6,389 bales sold on March 26 at an average of 64.16 cents/pound. The Cotlook A index rose 65 points on Thursday to 78.85 cents. Stocks of ICE-certified cotton were unchanged on March 26, with a certified stock level of 114,665 bales. The adjusted world price rose 25 points on Thursday to 54.47 cents/pound.
On May 26, cotton closed at 69.46, an increase of 5 points.
July 26 Cotton closed at 71.7, an increase of 18 points.
December 26 Cotton closed at 74.02, up 38 points
As of the date of publication, Austin Schroeder had no (directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. This article was originally published on Barchart.com