Cotton price action is down 40 to 61 points on Thursday morning. Futures rallied from early weakness on Wednesday to close with gains of 15 to 81 points. The US dollar index was $0.354 lower at $99.405. Crude Oil shot $9.50 higher in overnight trade, following President Trump’s address the nation on Wednesday that indicated 2-3 weeks more of strikes and an uncertain fate to the Strait of Hormuz. Thursday will be the last trade day for the week as the markets are off for Good Friday.
The Seam showed 19,245 bales sold on March 31 at an average of 73.86 cents/lb. The Cotlook A Index was up 75 points on Tuesday at 80.95 cents. ICE certified cotton stocks were unchanged on 3/31, with the certified stocks level at 114,665 bales. The Adjusted World Price was raised by 25 points last Thursday to 54.47 cents/lb.
