Cotton #2 Futures Market News and Commentary
The front month cotton futures market went into the weekend with 34 to 61 point losses on Friday. For March, that meant a 19 point gain Friday to Friday. December cotton futures were 91 points higher from Friday to Friday, ending at a 131 point discount to the spot market.
The Commitment of Traders report showed managed money firms were closing 5.1k shorts and adding 3.9k new longs through the week that ended 1/24. That flipped the group back to net long, with a 7,122 contract net long as of Tuesday’s settle. Commercial cotton traders added 7.5k new short hedgers for a 40,416 contract net short.
USDA’s weekly Classings report showed 152,112 bales of upland cotton was classed through the week for a season’s total of 13.328 million. Adding Pima, the season’s classings sits at 13.732m bales.
The Seam had 16,160 bales sold on 1/26 at an average gross price of 82.74 cents. USDA’s weekly Cotton Market Review mentioned the bulk price was 85.21 cents for the week’s 60,9... Read more