Cotton futures are back to higher trade on Wednesday, as contracts are up 16 to 28 points at midday. Crude oil futures are up $2.80 per barrel on the day at $65.13. The US dollar index is up $0.425 to $97.485.
USDA’s Ag Outlook Forum will release initial balance sheet estimates on Thursday, with a Bloomberg survey of analysts looking for 9.2 million acres of cotton to be planted this spring, down 9.3 million acres last year. Production is seen down 430,000 bales to 13.49 million bales.
The Seam showed sales of 8,501 bales sold on 2/17, averaging 58.11 cents/lb. The Cotlook A Index was steady again on Tuesday at 73.85 cents. ICE certified cotton stocks were up another 4,496 bales on February 17, with the certified stocks level at 110,014 bales. The Adjusted World Price was trimmed to 49.39 cents/lb last week. It is good through Thursday.
Mar 26 Cotton is at 61.68, up 16 points,
May 26 Cotton is at 63.92, up 28 points,
Jul 26 Cotton is at 65.61, up 24 points
