Cotton futures are trading at the 3 cent limit in the front months on Thursday, with other contracts down 260 to 288 points. Crude oil futures are $5.02/barrel lower at midday, as the US dollar index is down $1.786 so far on the day.

President Trump announced a large set of reciprocal tariffs on Wednesday, with Pakistan at 29%, Vietnam at 46%, and China at 34% (54% including the initial set of tariffs from earlier this year). Baseline tariffs of 10% were put on Turkey. They go into effect on April 9, with the baseline on April 5.

Export Sales data showed a total of 129,102 RB in the week ending on March 27, which was a 3-week high. Vietnam was the top buyer of 88,600 RB, with Pakistan buying 21,000 RB and net reductions of 21,300 MRBT for China. Shipments were tallied at 93,838 RB, slightly above the previous week. Vietnam was the destination for 120,000 RB, with 76,700 RB headed to Turkey and 63,600 RB to Pakistan. 

Cotton export (excluding linters) in February totaled 1.395 million bales ,which was down 9.1% from last year, but up 34.46% from January.

The Seam showed 4,072 bales in online sales on Wednesday at an average price of 65.41 cents/lb. The Cotlook A Index was back up 125 points on April 1 at 80.10 cents/lb. ICE cotton stocks were unchanged on 4/1, with the current level of certified stocks at 14,488 bales. USDA’s Adjusted World Price (AWP) was back down 97 points last Thursday to 53.66 cents/lb. It will be updated later today.

May 25 Cotton  is at 64.8, down 300 points,

Jul 25 Cotton  is at 65.71, down 300 points,

Dec 25 Cotton  is at 67.67, down 272 points