Cotton futures are pulling off the early Friday losses with contracts down 11 to 40 points across most contracts at midday. Crude oil is up another $3.07 per barrel, with the US dollar index up 0.016.
Export Sales data shows old crop cotton commitments at 11.951 million RB as of July 9, which is 102% of the USDA export projection, and lagging behind the last few year. Shipments accumulated to 10.398 million RB are 88% of the USDA number, behind the 93% from last year at this time. New crop sales have reached 2.51 million RB.
The Cotlook A Index was up 70 points on Thursday at 90.65 cents. The Forward A was up 55 points at 92.35. ICE certified cotton stocks were unchanged on July 16 via decertification, with the certified stocks level at 98,838 bales. The Adjusted World Price was raised by 3.52 cents on Thursday to 65.37 cents/lb.
Oct 26 Cotton is at 77.58, down 11 points,
Dec 26 Cotton is at 78.94, down 36 points,
Mar 27 Cotton is at 80.3, down 40 points
