Cotton futures experienced midday losses on Thursday, with prices dropping between 56 to 93 points. This decline can be attributed to the US dollar index, which rose by $0.540 to $97.060, along with a decrease in crude oil futures by $0.36.
According to the USDA, upland cotton export business totaled 186,108 RB for the week ending on September 11. Shipments reached a 3-week low of 120,493 RB during this period. The Seam reported that 4,975 bales were sold on Wednesday at an average price of 65.23 cents/lb. The Cotlook A Index also rose by 100 points to 79.10 cents on September 17.
ICE cotton stocks remained steady on September 17, with certified stocks at 15,474 bales. Additionally, the USDA’s Adjusted World Price (AWP) decreased by 21 points last week to 54.10 cents/lb. An update on the AWP is expected later in the day.
In terms of specific cotton futures, Oct 25 Cotton was at 64.93, down 93 points, Dec 25 Cotton was at 66.66, down 59 points, and Mar 26 Cotton was at 68.64, down 56 points.
It is important to note that the information provided in this article is for informational purposes only. The author, Austin Schroeder, does not hold any positions in the mentioned securities. This article was originally published on Barchart.com. For more details, you can visit the original article here.
