Cotton futures are experiencing gains between 24 to 34 points on Wednesday, with December 2024 contracts at 73.33 cents per pound. This rise is influenced by a stronger dollar index, which is up 409 points, despite crude oil futures increasing by 33 cents per barrel.
The USDA’s Cotton Systems report for August indicates a domestic consumption of 1,271 running bales (RB), a three-year high, with stock levels slightly down to 970 RB from the previous month. Additionally, online cotton bale sales were reported at 1,240 on Tuesday, averaging 72.66 cents per pound.
As of October 1, ICE cotton stocks remain unchanged at 265 certified bales, while the Cotlook A Index increased by 85 points to 85.25 cents per pound. The USDA Adjusted World Price (AWP) was raised to 61.06 cents per pound, with an update expected on Thursday.
