Cotton futures closed out Monday with contracts steady to 30 points higher. Crude oil prices were under pressure, down $1.05 as OPEC+ announce another 411,000 barrel per day increase in June. The US dollar index was down $0.240 to $99.600.
Crop Progress data showed 21% of the US cotton crop planted as of 5/4, faster than the 20% average planting pace. That does lag the 23% pace from last year.
The 5/2 online auction from The Seam showed sales of 1,133 bales at an average price of 60.17 cents/lb. The Cotlook A Index was down 25 points on Friday at 77.25. ICE cotton stocks were unchanged on May 2 with a certified stocks level of 14,577 bales. USDA’s Adjusted World Price (AWP) was up 6 points last week to 54.94 cents/lb. It is in effect through this Thursday.
May 25 Cotton closed at 70.35, up 17 points,
Jul 25 Cotton closed at 68.42, up 1 points,
Dec 25 Cotton closed at 69.98, up 27 points
Source: barchart.com