On Monday, cotton contracts increased by 64 to 131 points, with the May 26 contract closing at 74.53 cents per pound, up 131 points. The US dollar index fell by $0.230 to $98.420, while crude oil prices rose by $1.42, following a breakdown in US/Iran negotiations as President Trump indicated Iran’s willingness to negotiate.
The USDA’s weekly NASS Crop Progress report revealed that the US cotton crop is 7% planted as of Sunday, consistent with the five-year average. Additionally, 3,340 bales were sold on April 10 at an average price of 68.29 cents per pound, and ICE certified cotton stocks increased by 4,360 bales to reach 144,211 bales.
As of the last report, the Cotlook A Index was at 84.25 cents, up 170 points, while the Adjusted World Price rose by 175 points to 58.74 cents per pound.
