On Friday, cotton futures dropped between 1 to 26 points, with May 26 cotton at 76.78 cents/lb, July 26 at 79.19 cents/lb, and December 26 at 80.44 cents/lb. The US dollar index fell by 0.242 points to $98.365, while crude oil plunged $2.08 to $93.77.
Export commitments for cotton stand at 10.58 million RB, which is 2% lower than last year’s figures for the same period and represents 93% of the USDA’s export projection, trailing the 101% average sales pace over the past five years. On Thursday, the Seam recorded 4,899 bales sold at an average of 71.79 cents/lb.
The Cotlook A Index decreased to 88.40 cents, while ICE certified cotton stocks remained steady at 165,681 bales. The Adjusted World Price increased by 365 points to 65.26 cents/lb as of Thursday afternoon.
