Cotton futures were under pressure on Wednesday, as a stronger dollar was weighing on things. Contracts were down 17 to 40 points. Pressure was from a $1.063 gain in the US dollar index to $99.71. Much of that strength came late in the day following the Fed leaving rates unchanged, as expected. Crude oil futures were $1.09/barrel higher.
On Wednesday morning, President Trump posted that tariffs on India will rise to 25% on August 1, citing the trade deficit and their buying of Russian crude oil.
The Seam showed sales of 309 bales on Tuesday, with an average price of 60.29 cents/lb. The Cotlook A Index was up 10 points at 78.80 cents on July 29. ICE cotton stocks were steady on 7/29, with the certified stocks level at 21,617 bales. USDA’s Adjusted World Price (AWP) was up 23 points last week at 54.95 cents/lb. It is good through this Thursday.
