Cotton futures close with gains of 50 to 55 points across the front months on Monday, as USDA data was friendlier to the market. Crude oil futures were back up 72 cents per barrel at $59.84. The US dollar index was down $0.215 at $98.675.
NASS Cotton Ginnings data showed 11.962 million RB of cotton ginned as of January 1, which was down from a year ago by 1.023 million RB.
USDA showed cotton harvested acres up 430,000 acres, with yield down 73 lbs/acre, at 856 lbs. That took production down 0.35 million bales to 13.92 million. Ending stocks were 300,000 bales lower to 4.2 million.
The Friday online auction from The Seam showed sales of 56.57 cents/lb on 4,773 bales. The Cotlook A Index was down 35 points on January 9 at 74.45 cents. ICE certified cotton stocks were steady on 1/9 with the certified stocks level at 11,510 bales. The Adjusted World Price was updated to 50.97 cents/lb on Thursday afternoon, up 21 points from the week prior.
Mar 26 Cotton closed at 64.91, up 50 points,
May 26 Cotton closed at 66.44, up 53 points,
Jul 26 Cotton closed at 67.86, up 55 points
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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