Cotton Futures Hold Gains Amid Strong Export Sales
On Friday, cotton futures maintained gains with contracts rising between 40 to 60 points. The market is supported by strong export sales data showing accumulated business at 12.032 million running bales (RB), which meets the USDA's projection of 102%. Shipment levels reached 93% of expectations, slightly behind last year’s pace. New crop exports totaled 2.879 million RB, a significant increase of 36.72% compared to the same period in the previous year. Meanwhile, crude oil prices rose $1.45 per barrel and the US dollar index increased by $0.189. The Cotlook A Index fell slightly on Thursday but the Adjusted World Price for cotton was raised to 64.66 cents/lb.
Topics: cotton export_sales futures_trading