Cotton futures are up 50 to 60 points so far on Tuesday, following the Monday strength. Crude oil futures were back down 42 cents per barrel at $57.90. The US dollar index is up $0.328 at $98.310.
Export sale commitments for cotton have reached 6.5 million RB as of 12/25, down 15% from the same week last year. That is 57% of the USDA estimate and well behind the 75% average pace to meet that projection.
Commitment of Traders data showed managed money cutting 1,368 contracts from their net short in cotton futures and options as of last Tuesday to 49,078 contracts.
The Seam’s online auction showed sales of 27,248 bales on January 5 at an average price of 59.70 cents/lb. The Cotlook A Index was down 25 points on Tuesday at 74.05 cents. ICE certified cotton stocks were steady on 1/5 with the certified stocks level at 11,510 bales. The Adjusted World Price was updated to 50.76 cents/lb last week, up 74 points from the week prior.
Mar 26 Cotton is at 65.23, up 58 points,
May 26 Cotton is at 66.58, up 59 points,
Jul 26 Cotton is at 67.87, up 56 points
