Cotton futures rose between 55 and 68 points at the close on Tuesday. Crude oil fell $8.38 that day as the United States began escorting ships through the Strait of Hormuz, although it rebounded $8 from the low on reports that Iran was laying mines in the waterway. The US Dollar Index is back down $0.261 to $98.910.
The USDA’s WASDE report showed no change in the US balance sheet, as stocks remained at 4.4 million bales. In the global balance, stocks increased by 1.25 million bales to 76.39 million, while stocks in Brazil and India increased together by 1.5 million bales due to increased supply.
The Seam recorded sales of 5,926 bales on March 9, averaging 62.44 cents/pound. The Cotlook A index rose 10 points again on Monday to 74.75 cents. Stocks of ICE-certified cotton decreased by 6,518 bales on March 9 through decertification, with the certified stock level at 121,986 bales. The adjusted world price fell by 40 points last Thursday to 51.44 cents/pound.
On May 26, cotton closed at 65.3, an increase of 68 points.
July 26 Cotton closed at 67.17, up 60 points.
October 26 Cotton closed at 68.99, up 58 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