Cotton #2 Futures Market News and Commentary
After last week’s rally stalled on a Friday pullback, Monday’s session settled with 60 to 67 point gains. The front months did pull back from their intraday highs, as March went home 150 points off the high.
The weekly Commitment of Traders data release had managed money cotton traders 14,913 contracts net long on 11/29. That was a 2,366 contract lighter net long wk/wk driven by new selling. Commercial cotton hedgers reduced their net short by 3,022 contracts through the week to 36,503.
The Seam reported 12/2 cotton sales of 3,597 bales for an average price of 85.95 cents. The Cotlook A Index for 12/2 was 20 points higher to 103.1 cents per pound. The FSA updated AWP for the week is 73.03 cents/lb, down by 158 points.
Dec 22 Cotton closed at 84.94, up 66 points,
Mar 23 Cotton closed at 83.86, up 66 points,
May 23 Cotton closed at 83.23, up 67 points
On the date of publication, Alan Brugler did not have (either directly or indir... Read more