Cotton Rounds out the Week with Losses
Cotton futures settled the Friday session with contracts down 26 to 57 points across the board. December still saw a decent pop this week, up 194 points. The dollar index was down 226 points, with crude oil futures up just 29 cents/barrel.
The large managed money speculators were adding 6,827 contracts to their net short position as of 9/10 to 49,492 contracts.
Weekly Export Sales data total cotton export sale commitments at 4.764 million RB, which is the slowest since the 2016/17 marketing year. That is just 43% of the newly updated USDA export forecast, with the 5-year average for the current week at 53%.
The Seam ported 1,761 online cash cotton bale sales on Thursday, averaging 62.71 cents/lb. ICE cotton stocks were unchanged on September 12, leaving 265 bales of cert stocks. The Cotlook A Index was up 150 points on September 12 at 81.10 cents/lb. The USDA Adjusted World Price (AWP) was slashed by 127 points on Thursday afternoon 56 cents/lb. It is good through next Thursday.
Dec 24 Cotton closed at 69.82, down 56 points,
Mar 25 Cotton closed at 71.24, down 57 points,
May 25 Cotton closed at 72.41, down 53 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.
