Cotton price action is down 180 to 200 points so far on Wednesday morning. Futures were in turnaround action on Tuesday, as contracts closed with 130 to 188 point gains at the close. May expires at the close. The US dollar index is $0.108 higher at $98.370. Crude oil is down $7.67 this morning following the US and Iran closing in on reaching a memorandum of understanding that would, among other things, allow for the safe passage through the Strait of Hormuz as well as a path to ending to conflict.
NASS Crop Progress data showed 21% of the US cotton crop planted as of May 3, which was 2 percentage points ahead of the 5-year average of 19%. Planting progress in TX was 2 percentage points ahead of average, with GA 3 points behind average.
Census trade data showed March cotton exports (excluding linters) at 1.683 million bales, Up 57.02% from February and down 8.25% from a year ago in March.
The Seam showed 182 bales sold on 5/4 at an average of 66.35 cents/lb. The Cotlook A Index was up 300 points on Friday at 92.05 cents. ICE certified cotton stocks were up 451 bales on May 4, with the certified stocks level at 180,192 bales. The Adjusted World Price was up another 40 points last week to 65.66 cents/lb. It is good through Thursday.
May 26 Cotton closed at 82.46, up 188 points, currently unch
Jul 26 Cotton closed at 84.8, up 188 points, currently down 200 points
Dec 26 Cotton closed at 85.27, up 159 points, currently down 184 points
