Cotton price action is down 11 to 34 points early on Thursday. Futures closed Wednesday with mixed action as contracts were anywhere from 38 points higher to 20 points lower. The US dollar index was $0.832 lower at $98.850. Crude oil was down $16.45 on the day following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz. It is back up $4.55 this morning as traffic has been limited.
The Seam showed 4,433 bales sold on April 7 at an average of 70.76 cents/lb. The Cotlook A Index was 105 points higher Tuesday at 82.55 cents. ICE certified cotton stocks were unchanged on 4/7, with the certified stocks level at 128,213 bales. The Adjusted World Price was raised by 252 points last Thursday to 56.99 cents/lb.
