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Cotton futures closed the Wednesday session with contracts 3 to 12 points higher. Crude oil futures were up $2.74 per barrel on the day at $65.07. The US dollar index was up $0.570 to $97.630.Â
USDA’s Ag Outlook Forum will release initial balance sheet estimates on Thursday, with a Bloomberg survey of analysts looking for 9.2 million acres of cotton to be planted this spring, down 9.3 million acres last year. Production is seen down 430,000 bales to 13.49 million bales.
The Seam showed sales of 8,501 bales sold on 2/17, averaging 58.11 cents/lb. The Cotlook A Index was steady again on Tuesday at 73.85 cents. ICE certified cotton stocks were up another 4,496 bales on February 17, with the certified stocks level at 110,014 bales. The Adjusted World Price was trimmed to 49.39 cents/lb last week. It is good through Thursday.
On the date of publication,
Austin Schroeder
did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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