Cotton #2 Futures Market News and Commentary
Pre-weekend profit taking left front month cotton 183 to 253 points lower. The hard selling on Friday left Dec futures 30 points below last Friday’s close, erasing a week of gains. 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 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 updated AWP for cotton is 49.44 cents/lb. The week’s new LDP is 2.56 cents/lb.
Oct 20 Cotton closed at 61.88, down 253 points,
Dec 20 Cotton closed at 62.36, down 249 points
Mar 21 Cotton closed at 63.19, down 230 points Read more