Cotton extended the gains to Monday, with contracts up 64 to 131 points at the close. The US dollar index was $0.230 lower at $98.420. Crude oil was up just $1.42 on the day, coming well off the highs, following the breakdown of US/Iran negotiations this weekend. Pressure came later in the session after President Trump stated Iran was wanting to make a deal.
The weekly NASS Crop Progress report from Monday showed the US cotton crop at 7% planted as of Sunday, matching the 5-year average.
The Seam showed 3,340 bales sold on 4/10 at an average of 68.29 cents/lb. The Cotlook A Index was 170 points higher on April 10 at 84.25 cents. ICE certified cotton stocks were up 4,360 bales on Friday, with the certified stocks level at 144,211 bales. The Adjusted World Price was up another 175 points last week at 58.74 cents/lb.
May 26 Cotton closed at 74.53, up 131 points,
Jul 26 Cotton closed at 76.63, up 130 points,
Dec 26 Cotton closed at 77.81, up 92 points.
