Cotton futures saw midday gains of 60 to 75 points on Wednesday, following a weaker US dollar index, which is down $0.614 to $99.140. Crude oil prices also declined by $1.56 amid improved relations after President Trump’s post indicated Iran may seek a ceasefire.
The March Prospective Plantings data, released Tuesday, estimated cotton acreage for this spring at 9.64 million acres, a 409,000 acre increase from previous estimates and 357,000 acres above last year. Additionally, March 31 data from The Seam showed 19,245 bales sold at an average price of 73.86 cents/lb, while ICE certified cotton stocks remain unchanged at 114,665 bales.
Current cotton futures are reported as follows: May 26 Cotton at 70.65 cents (up 65 points), July 26 Cotton at 72.87 cents (up 74 points), and December 26 Cotton at 74.95 cents (up 61 points).
