Cotton futures are 42 to 57 points lower in most contracts n Thursday, with thinly traded October up 18 points. Crude oil prices are back down $0.82 on the day, with the US dollar index $0.540 lower to $99.260.
Late on Wednesday, a Federal trade court ruled that President Trump’s liberation day tariffs were illegal, and he has exceeded his authority. The court gave the President 10 days to complete a process of halting the tariffs, while the white house is appealing the ruling.
The Wednesday online sale from The Seam showed 440 bales sold at an average price of 66.35 cents/lb. The Cotlook A Index was back down 30 points on 5/28 at 77.95. ICE cotton stocks were down 4,654 bales via decertification on May 28, with a certified stocks level of 41,863 bales. USDA’s Adjusted World Price (AWP) was down 38 points last Thursday at 53.52 cents/lb. It will be updated later today.
