Cotton futures experienced gains on May 3, 2023, with contracts increasing by 130 to 188 points. The May futures closed at 82.46 cents, July at 84.8 cents, and December at 85.27 cents. The US dollar index rose by $0.108 to $98.370, while crude oil prices dropped $3.74 to $102.68.
Data from the NASS Crop Progress report indicated that 21% of the US cotton crop was planted as of May 3, surpassing the 5-year average of 19%. In Texas, planting was 2 percentage points ahead of the average, while Georgia lagged behind by 3 points. Additionally, March cotton exports reached 1.683 million bales, an increase of 57.02% from February but a decrease of 8.25% from March of the previous year.
On May 4, The Seam reported the sale of 182 bales at an average price of 66.35 cents per pound. The Cotlook A Index rose by 300 points to 92.05 cents, and ICE certified cotton stocks climbed to 180,192 bales, reflecting an increase of 451 bales. The Adjusted World Price went up by 40 points, reaching 65.66 cents per pound, valid through Thursday.
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