Cotton prices action is steady to 12 points lower on Monday morning. Futures closed out the Friday session with contracts up 40 to 55 points on the day, with December 44 points higher last week. Very little help was noted via the outside market factors on Friday, with crude oil up just 18 cents/barrel and the US dollar index up $0.218 to $98.310.
Over the weekend President Trump stated he was confident in reaching a soybean deal with China and he “wants China to buy soybeans at least in the amount they were buying before. There was no mention of cotton or other commodities.
Thursday online auction from The Seam showed just 155 bales sold with an average price of 63.01 cents/lb. The Cotlook A Index was back up 25 points on 10/16 at 75.10 cents. ICE certified cotton stocks were steady on October 16, with the certified stocks level at 16,751 bales. The AWP is still not being reported due to the government shutdown.
Dec 25 Cotton closed at 64.28, up 55 points, currently down 12 points
Mar 26 Cotton closed at 65.78, up 49 points, currently down 8 points
May 26 Cotton closed at 66.97, up 47 points currently down 3 points
