Cotton futures were steady ahead of today’s USDA supply/demand report. The report is slightly friendly to cotton prices in that USDA made small reduction to world ending stocks and to US ending stocks.
USDA reduced world beginning stocks by 450,000 bales on a revision to
Turkey’s balance sheet. They increased world production by 70,000 bales
on increases in Africa. Increased world consumption by 150,000 bales
and reduced world ending stocks by 630,000 bales.
- The US Dollar Index is down 22 points at 80.25.
- Crude oil is up 67 cents at $86.23.
- January soybeans are up 5 cents at $14.79 ¾. The USDA report for soybeans was neutral.
- March corn is down 1 ½ cents at $7.28. The report for corn was slightly bearish.
- March wheat is down 7 ¾ cents at $8.41. Wheat’s report was bearish.
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