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Cotton futures hold midday gains as USDA export data outpaces pace
Export sales total 12.032 million RB, or 102% of the USDA projection, while new crop business is 36.7% higher than last year.
Cotton futures were trading higher on Friday midday, with contracts up 40 to 60 points so far, according to Yahoo Finance.
The update also pointed to a stronger-than-projected export picture. Export sales accumulated to 12.032 million RB, which is 102% of the USDA export projection, while accumulated shipments were 10.908 million RB, or 93% of the USDA number and behind the 96% shipping pace from last year.
New crop business reached 2.879 million RB, up 36.72% versus the same period last year. Other cotton indicators included the Cotlook A Index, which fell another 100 points on Thursday to 88.75 cents, and the Adjusted World Price, raised by 84 points on Thursday to 64.66 cents per lb.
ICE certified cotton stocks were unchanged on July 30, with the certified stocks level at 90,699 bales. The report also noted crude oil was up $1.45 per barrel and the US dollar index had risen $0.189 on the day.
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