Cotton futures were 55 to 68 points higher at the Tuesday’s close. Crude oil was down $8.38 on the day as the US began escorting vessels through the Strait of Hormuz, though they did bounce $8 off the low on reports that Iran was placing mines in the waterway. 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.
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,
Jul 26 Cotton closed at 67.17, up 60 points,
Oct 26 Cotton closed at 68.99, up 58 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.
