Cotton futures continued the rally on Thursday, with contracts closing 11 to 71 points higher on the session. The US dollar index was $0.184 higher at $98.035. Crude oil was up $1.90 on the day.
USDA Export Sales data from this morning showed a total of 161,101 RB of old crop cotton sold in the week ending on April 9, the lowest in 6 weeks. That was still 39.99% above the same week last year. Vietnam purchased a total of 62,100 RB, with turkey purchasing 49,000 RB. New crop business was tallied at 26,863 RB. The largest buyer was Vietnam at 20,700 RB. Shipments were 305,029 RB in that week, a 4-week low. Vietnam was the top destination of 110,400 RB, with 35,900 RB headed to Pakistan.
The Seam showed 10,624 bales sold on Wednesday at an average of 72.16 cents/lb. The Cotlook A Index was 20 points lower on April 15 at 85.60 cents. ICE certified cotton stocks were raised by 2,855 bales on April 15, with the certified stocks level at 162,367 bales. The Adjusted World Price was up another 287 points on Thursday at 61.61 cents/lb.
May 26 Cotton closed at 75.7, up 59 points,
Jul 26 Cotton closed at 78.13, up 71 points,
Dec 26 Cotton closed at 78.99, up 64 points
