Cotton #2 Futures Market News and Commentary
The last trade day of the week saw futures pull back and go into the weekend on 138 to 165 point losses. For March that only limited the weekly gain as the contract was still up a net 3 cents from last Friday.
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 weekly Cotton Market Review showed 10,715 bales were sold at spot during the week that ended 12/1. USDA had the week’s average selling price at 80.81 cents. The Cotlook A Index 380 points higher on 12/1 to $1.02 90/100. The FSA updated AWP for the week is 73.03 cents/lb, down by 158 points.
Dec 22 Cotton closed at 84.28, down 165 points,
Mar 23 Cotton closed at 83.2, down 165 points,
May 23 Cotton closed at 82.56, down 159 pointsOn the date of publicatio... Read more