Cotton futures are trading with 90 to 98 point losses so far on Thursday, as contracts correct from near limit gains on Tuesday. The outside markets are stronger, as Crude oil is up $4.09 following the US striking Iran overnight and President Trump stating the ceasefire is over. The US also revoked waivers authorizing Iran oil exports. The US dollar index is up $0.087.
Monthly trade data from Census showed 1.46 million bales of exports during May, which was 15.3% above a year ago and a 3-year high, but down 6.88% from a year ago.
The Seam reported just 94 bales sold on July 7 at an average of 65.76 cents. The Cotlook A Index was up 150 points on 7/7 at 87.30 cents. ICE certified cotton stocks were down 95 bales on Tuesday via decertification, with the certified stocks level at 184,939 bales. The Adjusted World Price was back down 194 points last week at 61.94 cents/lb.
Jul 26 Cotton is at 76.94, up 299 points,
Dec 26 Cotton is at 80.31, down 98 points,
Mar 27 Cotton is at 81.74, down 94 points
