Nearby cotton closed the midweek trading session 16 to 39 points firmer after a back and forth day from -28 to +59 points (March). The Federal Reserve decided to maintain the 5.25% to 5.5% target rate for the Fed Funds rate, as expected, but left the door open for future rate cut(s). A sharply lower US dollar index boosted commodity prices in general. The Goldman Sachs Commodity Index hit the highest reading since November 30.
The USDA’s FAS will release U.S. cotton export demand tomorrow morning for the week that ended 1/25.
The Cotlook A Index was 130 points lower to 93.55 cents/lb on 1/29. The Seam reported 8.2k bales were sold online for an average gross price of 77.36 cents/lb on 1/29. The AWP increased by 217 points to 67.64 cents for the week. ICE certified stocks were 999 bales as of 1/26.
Mar 24 Cotton closed at 85.17, up 39 points,
May 24 Cotton closed at 86.41, up 35 points,
Jul 24 Cotton closed at 87.13, up 30 points
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