Cotton price action is up 130 to 145 points so far on Monday AM trade. Futures saw weakness extend to Friday, with contracts closing down 62 to 89 points on the day, with December down 291 points last week. Crude oil was up another $3.50 per barrel, with the US dollar index up 0.011.
Friday afternoon’s Commitment of Traders report showed managed money spec funds in cotton futures and options adding another 10,578 contracts to their net long in the week ending on Tuesday to 49,684 contracts.
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Export Sales data shows old crop cotton commitments at 11.951 million RB as of July 9, which is 102% of the USDA export projection, and lagging behind the last few year. Shipments accumulated to 10.398 million RB are 88% of the USDA number, behind the 93% from last year at this time. New crop sales have reached 2.51 million RB.
The Cotlook A Index was up 70 points on Thursday at 90.65 cents. The Forward A was up 55 points at 92.35. ICE certified cotton stocks were unchanged on July 16 via decertification, with the certified stocks level at 98,838 bales. The Adjusted World Price was raised by 3.52 cents on Thursday to 65.37 cents/lb.
Oct 26 Cotton closed at 77.07, down 62 points, currently up 131 points
Dec 26 Cotton closed at 78.63, down 67 points, currently up 141 points
Mar 27 Cotton closed at 80.01, down 69 points, currently up 137 points
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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