Cotton futures are trading with 35 to 37 point gains across most contracts at midday. Crude oil futures are up 14 cents/barrel to $61.64, with the US dollar index down $0.097 to $98.650.
US and Chinese negotiators had constructive discussions over the weekend in Malaysia, come out with a framework for President Trump and China’s President Xi to discuss this Thursday. Nothing specific on cotton was mentioned, but the two sides coming together is seen as friendly.
The Friday online auction from The Seam showed 679 bales sold with an average price of 58.95 cents/lb. The Cotlook A Index was back up 25 points on 10/24 at 75.55 cents. ICE certified cotton stocks were steady on October 24, with the certified stocks level at 17,552 bales.
Dec 25 Cotton is at 64.57, up 37 points,
Mar 26 Cotton is at 66.08, up 37 points,
May 26 Cotton is at 67.3, up 35 points
