Cotton price action is down 114 to 135 points on Thursday morning. Futures were steady to 66 points lower, led by the front month October contract. Crude oil was back down $3.69 per barrel on the session, with the US dollar index up $0.719. As most expected the Fed raised rates by 0.25% on Wednesday, while also signaling the potential for another rate hike yet this year.
The Seam reported an average sale price of 80.51 cents in Tuesday’s sale, of 2,380 bales. The Cotlook A index was down 150 points on 9/15 at 96.15. ICE certified cotton stocks were down 532 bales on September 15, with the certified stocks level at 37,930 bales. The Adjusted World Price was back down 441 points on last week to 69.51 cents/lb.
