Cotton Pushing Higher with Weaker Dollar
Cotton prices are posting 23 to 46 point higher trade on Thursday. The outside factors are helping, with the US dollar index down 604 points. CPI data came in cooler than expected, with June CPI at 3% over last year, vs. the 3.1% estimate and down 0.1% from the previous month.
The weekly Export Sales report indicated US exporters selling just 54,138 RB of old cotton in the week that ended on July 4th, the 5th lowest total for the marketing year. New crop sales totaled 69,481 RB during that week, a 3-week high. Export shipments were tallied at 160,709 RB down 8.58% from last week
ICE certified cotton stocks were down 11,932 bales on decertification on July 10 at 41,858 bales. The Cotlook A Index was down 50 points on July 10 at 81.00 cents/lb. The USDA Average World Price (AWP) was cut by 43 points last week to 57.80 cents/lb last week and is effective through today.
Dec 24 Cotton is at 71.17, up 24 points,
Mar 25 Cotton is at 72.96, up 23 points,
May 25 Cotton is at 74.38, up 26 points
On the date of publication, Alan Brugler 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.