Cotton price action is trading with 59 to 76 point gains on Monday morning. Futures closed Friday with contracts 3 to 13 points higher, as December slipped back 8 points on the week. Crude oil futures were 35 cents/barrel to $61.44, with the US dollar index up $0.021 to $98.750.
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 Thursday online auction from The Seam showed 832 bales sold with an average price of 65.00 cents/lb. The Cotlook A Index was back down 55 points on 10/23 at 75.30 cents. ICE certified cotton stocks were steady on October 23, with the certified stocks level at 17,552 bales.
Dec 25 Cotton closed at 64.2, up 13 points, currently up 76 points
Mar 26 Cotton closed at 65.71, up 4 points, currently up 67 points
May 26 Cotton closed at 66.95, up 3 points, currently up 67 points
