Cotton #2 Futures Market News and Commentary
After trading with losses in the afternoon, front month cotton futures rallied back and ended the session near the highs up 54 to 62 points. New crop futures also bounced from midday lows and closed 54 points in the black.
Census data showed official January cotton exports were 1.614m bales. That was down 5% from Jan 2020, but was up 13% from December’s 1.425m bale export total. The 2020/21 accumulated cotton export figure was 7.91m bales through Jan.
The weekly data release from CFTC showed managed money cotton traders were 66,031 contracts net long as of 3/2. That was a 6,423 contract reduction on the week via long liquidation. The commercial position covered 10,383 shorts on the week, leaving them 146,459 contracts net short.
The Seam reported 6,194 bales sold online on 3/4, bringing the WTD total sales to 14,702 bales. USDA’s weekly cotton market review showed 11,605 bales were sold at spot for the week ending 3/4. The week’s wtd ave cash price was 84.50 ce... Read more