Cotton #2 Futures Market News and Commentary
Cotton futures open the new week of trading 5 to 13 points below the Friday settlements. The hard selling on Friday left Dec futures 30 points lower for the week. In USDA’s Weekly Cotton Market Review, the average spot price for cotton on the week ending Aug 6 was 59.28 cents/lb. That was 2.55 cents higher wk/wk, with a full range of 58.01 c/lb to 59.77. The Commitment of Traders report with data from the week ending August 4, showed cotton spec fund traders were 31,335 contracts net long. That was an increase of 5,700 wk/wk from short covering. Sales reported on The Seam through Thursday were 55,649 bales at a wtd av price of 57.3 cents/lb. The Cotlook A index was 70.85 cents/lb on Aug 6, a 50 point bump. The AWP for cotton is 49.44 cents/lb through Thursday. The week’s LDP is 2.56 cents/lb.
--- provided by Brugler Marketing & Management