Cotton prices are looking at 9 to 19 point higher action so far on Monday. Futures closed with 4 to 49 points on Friday, with July still down 81 points on the week, as December fell 106 points. Crude oil was down $3.50 to $84.21/barrel. It is down $4.65 this morning after the US and Iran have reportedly come to a peace deal over the weekend. The US dollar index was down $0.054 at $99.795.
CFTC data showed managed money trimming their net short in cotton futures and options by 10,198 contracts to 42,204 contracts by Tuesday.
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USDA’s Export Sales report now has the old crop cotton commitments at 11.541 million RB, which is 101% of the USDA export projection revised higher on Thursday, and behind the 110% average sales pace. Shipments are 9.183 million RB, which was 80.3% of the USDA estimate and compares to the 82% average shipping pace.
The Seam shows sales on 1,071 bales in Thursday’s online auction with an average price of 63.24 cents/lb. The Cotlook A Index was unchanged on 6/11 at 83.65 cents. ICE certified cotton stocks were down 90 bales on June 12 with the certified stocks level at 192,699 bales. The Adjusted World Price was down another 194 points on Thursday at 61.26 cents/lb.
Jul 26 Cotton closed at 72.94, up 45 points, currently up 9 points
Dec 26 Cotton closed at 76.42, up 6 points, currently up 11 points
Mar 27 Cotton closed at 77.64, up 4 points, currently up 15 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.