Cotton futures rose by 3 to 45 points on Friday, concluding with a weekly gain of 215 points for May, with May cotton closing at 69.46 cents per pound. As of March 19, U.S. cotton export sales reached 9.556 million running bales (RB), down 7% year-over-year and accounting for 85% of the USDA’s export projection. Speculative funds reduced their net short positions by 6,757 contracts to a total of 33,448 contracts as of the previous Tuesday.
According to a Reuters survey, March Intentions data anticipates cotton acreage to reach 9.229 million acres, slightly below last year. The Seam reported 6,389 bales sold on March 26 at an average price of 64.16 cents per pound, while ICE certified cotton stocks remained stable at 114,665 bales as of the same date. Additionally, the Adjusted World Price increased by 25 points to 54.47 cents per pound.
