Cotton futures have shown notable gains as of midday Friday, with prices increasing by 86 to 99 points. This follows an update on export sales, indicating that old crop cotton commitments reached 11.976 million running bales (RB), marking a 1% increase compared to the previous year and exceeding USDA forecasts by 102%. New crop business is also strong, recorded at 3.12 million RB, representing a 43.33% rise from last year.
On August 6, The Seam reported the sale of 72 bales at an average price of 67.75 cents per pound, while the Cotlook A Index was up 50 points to 93.50 cents. ICE certified cotton stocks remained steady at 84,632 bales. The Adjusted World Price increased by 163 points, bringing it to 66.29 cents per pound. Cotton futures for October, December, and March are currently at 82.95, 84.02, and 85.79 cents, up 99, 86, and 90 points respectively.
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