On Thursday, cotton prices experienced a midday rally of 90 to 120 points, with March cotton at 73.19 cents (up 111 points) and May cotton at 74.51 cents (up 98 points). This uptick coincided with crude oil prices steady at an increase of 86 cents per barrel and a decrease in the US dollar index by 730 points to 104.255, ahead of an expected 0.25% rate cut by the Fed.
In export sales data, the week of October 31 saw a marketing year high of 229,039 running bales (RB) of upland cotton booked, with notable purchases from Pakistan (72,200 RB), Vietnam (71,800 RB), and China (37,500 RB). Export shipments totaled 145,832 RB that week, marking the third-largest total of the marketing year, with Pakistan receiving the largest share at 50,400 RB.
As of November 6, the Cotlook A Index remained steady at 82.20 cents per pound, while the USDA Adjusted World Price decreased by 74 points to 58.54 cents per pound.
