Cotton futures experienced losses on Wednesday, with March 25 contracts closing down 28 points at 68.23 cents/lb, May 25 down 31 points at 69.37 cents/lb, and July 25 down 35 points at 70.4 cents/lb. Contributing factors included a 522-point increase in the US dollar index and a decrease of $0.93 per barrel in crude oil prices.
The weekly Export Sales report has been postponed until Friday due to government office closures for the National Day of Mourning for former President Carter’s funeral. Market hours are expected to continue as normal despite the holiday.
As of January 7, the Seam reported 13,770 bales of online sales at an average price of 61.88 cents/lb, while ICE cotton stocks remained stable at 20,113 bales. The Cotlook A Index rose by 100 points to 79.05 cents/lb, and the USDA Adjusted World Price increased by 48 points to 55.03 cents/lb.
