Cotton #2 Futures Market News and Commentary
Front month cotton futures ended the Friday session with 40 to 117 point gains. Futures closed more than a penny off their high for the day. For March, the 104.2 cent close left prices a net 8.96 cents weaker for the week, and 14.3 cents off their LOC high from 11/17. OI data suggested just 102 Dec cotton contracts were open as of 12/2.
Managed money was reported at 77,743 contracts net long in cotton as of the 11/30 settle. That was a 6,050 contract reduction through the week on long liquidation. Commercials covered 17.3k short hedges during the week, and were 154,437 contracts net short as of 11/30.
The online cotton trading platform, The Seam, reported 8,808 bales were sold for an average 98.71 cents/lb on 12/2. USDA’s weekly Cotton Market Review showed 39,353 bales were sold during the week that ended 12/2 for an average spot price of 104.86 cents/lb. USDA reported 1.339m bales of upland cotton were classed this week, which brought the season’s classings to 8.51 mi... Read more