Cotton prices are higher after 58 to 115 point gains in overnight action. Futures were down 37 to 211 points across the board on Wednesday. Crude Oil was feeling the pressure, below $80 per barrel on the day, $2.77 lower. The Fed showed no changes to rates after their 2 day meeting this afternoon, and stated they need to see inflation get under control before cutting rates. The US dollar index fell 560 points on the day after the release, with no hint of a rate hike and the June futures having rallied to a new contract high close on Tuesday. 

USDA’s Cotton Systems report showed 758 RB cotton consumed by US mills in March, up 48.6% from last year but 25.9% below the Feb use total. Stocks were at 1,307 RB, the lowest for March going back 2015.

ICE certified cotton stocks were up 555 bales on April 30 at 183,114 bales. The Cotlook A Index was up 55 points on April 30 at 88.30 cents/lb. The AWP dropped another 85 points to 61.33 last Thursday and is in effect through tomorrow.

May 24 Cotton  closed at 75.81, down 211 points, currently unchanged 

Jul 24 Cotton  closed at 76.51, down 192 points, currently up 118 points

Dec 24 Cotton  closed at 75.17, down 166 points, currently up 62 points