Cotton futures closed the Friday session with weakness, as contracts were down 11 to 26 points. The March contract slipped 48 points over the short week.
Crude oil futures were down 9 cents per barrel, settling at $57.41. Meanwhile, the US dollar index rose by $0.123 to reach $98.170.
On Wednesday afternoon, the USDA released payment details for the Farm Bridge Assistance program, listing the cotton payment at $117.35 per acre.
The Seam’s online auction reported sales of 17,479 bales on December 31, at an average price of 65.40 cents per pound. The Cotlook A Index remained unchanged on Wednesday at 74.30 cents.
ICE certified cotton stocks were steady as of December 31, with the certified stocks level at 11,510 bales. The Adjusted World Price was updated to 50.76 cents per pound on Friday morning, up 74 points from the previous week. The Loan Deficiency Payment (LDP) rate is now 1.24 cents.
Regarding contract closes on the date of publication:
– March 26 Cotton closed at 64.01, down 26 points
– May 26 Cotton closed at 65.37, down 23 points
– July 26 Cotton closed at 66.72, down 11 points
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On the date of publication, Austin Schroeder did not hold positions—either directly or indirectly—in any securities mentioned in this article.
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https://www.nasdaq.com/articles/cotton-closes-lower-friday