Cotton #2 May '20 (CTK20)
Cotton #2 Futures Market News and Commentary
Cotton futures are trading with 9 to 15 point losses in the front months on Friday. The US dollar index is $0.079 lower at $98.510. Crude oil is up 50 cents on the day.
USDA’s Export Sales report now has cotton export commitments at 10.25 million RB, down just 2% from last year. That is 91% of the USDA export forecasts and lags the average of 99%. Shipments are now above last year at this point at 6.403 million RB, which is 57% of USDA’s number and lags the 59% average shipping pace.
The monthly update to the USDA balance sheet for cotton showed the US side unchanged at 4.4 million bales for carryout, as the cash average price was up a penny to 61 cents. The world balance sheet was up 0.65 million bales to 77.04 million bales.
The Seam showed 12,229 bales sold on 4/9 at an average of 72.88 cents/lb. The Cotlook A Index was 30 points higher on April 9 at 82.55 cents. ICE certified cotton stocks were up 11,638 bales on Thursday, with the certified stocks level at 139... Read more
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Cotton futures are trading with 9 to 15 point losses in the front months on Friday. The US dollar index is $0.079 lower at $98.510. Crude oil is up 50...
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