Cotton Futures Rise, US Dollar Strengthens

Cotton futures closed higher on Wednesday, with contracts rising by twenty to thirty-three points, coinciding with an increase in crude oil futures. The US dollar index also showed strength. Commodity traders reduced their net short positions in cotton futures and options, indicating a slight shift in market sentiment. Other agricultural markets experienced varied movements, with coffee prices declining due to expectations of ample supplies and favorable weather conditions in Brazil, while cocoa prices rebounded after a revised global cocoa surplus estimate. An online auction reported sales of five thousand one hundred fifty-five bales of cotton at an average price of sixty-one point two four cents per pound. The Cotlook A Index increased by five points, and ICE certified cotton stocks decreased by seventy-eight bales. The Adjusted World Price for cotton is scheduled for another update this coming Thursday. Specific contract months closed at sixty-three point four three cents, sixty-four point five three cents, and sixty-five point five eight cents, respectively.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.