Sneakers Experience a Drop in Price Early Friday
In the world of commodities, the cotton market saw a mixed performance on Friday morning, with prices down 12 to 36 points. The largest shipment of the week was bound for Vietnam, totalling 55,100 RB, marking a 3-week low in shipments. Meanwhile, Dec 25 Cotton is currently up 15 points, while Oct 25 Cotton closed at 65.19, down 67 points. Mar 26 Cotton closed at 68.84, down 36 points, but has since recovered and is currently up 16 points.
The top buyer in the cotton market was once again Vietnam, with purchases amounting to 77,000 RB. Elsewhere, India secured 41,800 RB of cotton for their needs. The USDA reported upland cotton export business at 186,108 RB for the week that ended on September 11.
The US dollar index is currently up $0.480 on the day to $97.000. This strengthening of the US dollar might be contributing to the downward pressure on cotton prices.
In the grains market, the corn and soybean markets are exhibiting a 'sell the rumor, buy the fact' response to USDA data. This trend suggests that market participants are selling their positions ahead of the data release, only to buy back when the actual data is revealed.
Wheat bulls are gaining momentum, but the outlook for the market remains uncertain due to ongoing weather concerns and global supply issues.
In the oil market, crude oil futures are $0.41 lower. This decrease in oil prices could be influenced by a variety of factors, including geopolitical tensions and global economic conditions.
ICE cotton stocks remained steady on September 17, with the certified stocks level at 15,474 bales.
It's important to note that all information and data provided in this article are for informational purposes only. No position in any of the securities mentioned was held by Austin Schroeder at the date of publication.
For those seeking value in the grains market, consider buying soybean meal.
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In the case of the Kottenpreis, the institution that raised it to 79.10 cents per pound on September 17 could not be identified from the provided search results.
As always, it's crucial to conduct thorough research and consider multiple sources before making any investment decisions.
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