Cotton futures experienced losses between 20 to 32 points in the new crop contracts on Friday, with May 26 Cotton at 67.35 cents, down 32 points, and July 26 Cotton at 69.36 cents, down 25 points. Additionally, crude oil prices rose by $2.51 to $98.09, while the US dollar index decreased by $0.267 to 99.345.
Total cotton export commitments stand at 9.354 million running bales (RB), representing a 9% decline from the previous year and 83% of the USDA’s forecast. Cotton shipments are at 5.303 million RB, which is 5% lower than last year and 47% of the USDA’s export estimate, lagging behind the 52% average shipping pace of the last five years.
The Seam reported sales of 3,286 bales on March 19, averaging 65.60 cents per pound. ICE certified cotton stocks remained unchanged at 115,640 bales as of March 18. The Adjusted World Price increased by 2.72 cents to 54.22 cents per pound.
