Cotton Prices Plummet, Crude Oil Firms

Cotton prices take a hit, dropping by 30-35 points, while crude oil futures rise by 83 cents. The US dollar index also gains, rising by nearly 13 cents. Recent export sales data shows a significant drop in upland cotton sales, with only 81,530 running bales sold, marking a low point for the marketing year. Shipments also hit a three-week low. An online auction revealed the sale of 10,758 bales at an average price of 59.66 cents per pound. The Cotlook A Index also decreased, falling 15 points to 74.80 cents. Certified cotton stocks remained steady, and the Adjusted World Price for cotton saw a three-point decrease. Looking ahead, December, March, and May cotton contracts all show a downward trend.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.