Cotton futures are experiencing midday losses, with prices down 65 to 76 points across most contracts. This comes as crude oil futures saw a slight increase of 19 cents per barrel, reaching $60.69. The US dollar index also rose by $0.298 to $99.320.
Following a recent meeting between President Trump and President Xi of China, President Trump announced that China is planning to purchase significant quantities of agricultural goods, although specific details regarding cotton were not disclosed. It is expected that tariffs on US agricultural products will be lifted as a result of this agreement.
The Wednesday online auction conducted by The Seam reported the sale of 8,719 bales with an average price of 60.14 cents per pound. Additionally, the Cotlook A Index rose by 45 points on October 29, reaching 76.40 cents. ICE certified cotton stocks remained steady on the same date, with 18,052 bales in certified stocks.
In terms of specific cotton futures, Dec 25 Cotton is currently trading at 65.25, down 76 points, Mar 26 Cotton at 66.82, down 69 points, and May 26 Cotton at 68.03, down 68 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 securities mentioned. This article was originally published on Barchart.com.
For more information, you can visit the original article on Barchart.com: Cotton Reverting Lower on Thursday
