Cotton futures are experiencing gains of 30 to 46 points on Thursday, June 29, 2023, despite July contracts falling by 285 points. Key external factors include a $1.16 increase in crude oil prices and a $0.593 drop in the US dollar index.
Weekly Export Sales data revealed only 27,342 RB of 2024/25 cotton sold for the week ending June 19, the lowest since September. Pakistan was the leading buyer with 9,200 RB, followed by 7,700 RB sold to Vietnam. New crop sales totaled 64,664 RB, with shipments at 184,521 RB, marking the lowest total since mid-January.
Traders anticipate cotton acreage will reach 10 million acres in the upcoming June 30 Acreage report, with estimates ranging between 8.8 to 10.2 million acres. The Seam reported 1,186 bales sold at an average price of 66.64 cents on June 28.
