Cotton futures posted positive trade on Thursday, with contracts up 20 to 40 points on the day. Crude oil prices were up 43 cents/barrel, with the US dollar index showing steady trade at $98.670.
USDA’s Export Sales report showed 109,785 RB of 2024/25 cotton sold in the week ending on May 29, which was a 4-week low. Bangladesh was the top buyer of 34,200 RB, with 24,700 MT to Vietnam. New crop business came in at 38,984 RB, the highest in 7 weeks. Much of that was sold to Vietnam at 17,900 RB, Export Shipments were 316,134 RB, a 3-week high. Turkey was the top destination of 98,300 RB, with 87,400 RB headed to Vietnam.
Census data showed a total of 1.66 million bales of cotton (excluding linters) exported in April. That was a 3-year high, and 37.19% above last year, but a drop of 9.47% from March.
Wednesday’s auction from The Seam showed 309 bales sold at an average price of 69 cents/lb. The Cotlook A Index was back down 35 points on 6/4 at 78.25. ICE cotton stocks were steady on June 4, with a certified stocks level of 53,700 bales.
