Cotton Fades Lower into Friday's Close
Cotton futures ended the Friday session with contracts down 50 to 70 points, as July fell 172 points this week. New crop saw less pressure, down just 100 points. Crude oil prices were up $0.79/barrel. The US dollar index was back up $0.111 to $100.840.
The weekly CFTC report showed money managers in cotton futures and options adding 8,039 contracts to their net short position as of May 13th. That that short stood at 29,088 contracts as of the Tuesday close.
After USDA’s Export Sales report on Thursday, commitments of shipped and unshipped sales are now 11.155 million RB. That is 108% of the USDA export projection and matches the 5-year average sales pace. Export shipments are 8.471 million RB, which is 82% of that projection and well ahead of the 75% average.
The Cotlook A Index was down 75 points on Wednesday at 77.25. ICE cotton stocks were up 1,053 bales on new certifications on May 15, with a certified stocks level of 34,153 bales. USDA’s Adjusted World Price (AWP) was back down 91 points on Thursday to 53.90 cents/lb.
Jul 25 Cotton closed at 64.89, down 54 points,
Oct 25 Cotton closed at 67.58, down 69 points,
Dec 25 Cotton closed at 67.67, down 51 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.