Cotton futures closed out the Wednesday session pulling off the lows to settle 10 to 17 points in the red. The US dollar index was down $0.026 on the day to $97.425, with crude oil slipping back 59 cents.
Futures shrugged off early session pressure, following a President Trump post that soybeans will be a major topic of discussion in a meeting between he and President Xi of China later this month. While cotton wasn’t mentioned, there the potential buying could be seen as spilling over to cotton.
Tuesday’s online auction from The Seam showed 942 sales at an average price of 63.62 cents/lb. The Cotlook A Index was down 80 points on September 30 at 76.90 cents. ICE cotton stocks were up 2,417 bales on 9/30, with the certified stocks level at 17,891 bales. USDA’s Adjusted World Price (AWP) was back down 41 points last week at 54.38 cents/lb. It is good through Thursday.
Oct 25 Cotton closed at 63.15, down 17 points,
Dec 25 Cotton closed at 65.61, down 16 points,
Mar 26 Cotton closed at 67.47, down 10 points
