Cotton futures are trading with midday losses of 47 to 63 cents so far on Wednesday. The US dollar index was back down $0.327 to $97.600, as crude oil futures are down another 84 cents.
USDA showed a total of 840,000 planted acres and 1.3 million harvested acres cut from cotton on Tuesday with yield up 53 lbs to 862 lbs/ac. Production was still trimmed by 1.39 million bales to 13.21 million bales. That, mixed with a 100,000 bale cut to old crop stocks to 4 million bales, helped to tighten the new crop stocks. That was down 1 million bales to 3.6 million with a 500,000 bale cut to exports.
The Seam reported 1,066 bales sold on the Tuesday online auction at an average price of 60.98 cents/lb. The Cotlook A Index was back up 20 points at 78.20 cents on August 12. ICE cotton stocks were steady on 8/11, with the certified stocks level at 18,242 bales. USDA’s Adjusted World Price (AWP) was down 13 points on Thursday afternoon at 54.39 cents/lb.
Oct 25 Cotton is at 66.6, down 47 points,
Dec 25 Cotton is at 67.76, down 63 points,
Mar 26 Cotton is at 69.33, down 51 points
