Cotton #2 Futures Market News and Commentary
Cotton futures are up 187 to 495 points on Monday, adding to a strong overnight trade. Outside markets are adding support, with crude oil up another $2.30 and the dollar down 220 points.
The Cotlook A index was up 200 points at 164.20 on 5/13. USDA’s updated AWP for cotton was 140.82 cents/lb, down by 628 points from last week.
Commitment of Traders data indicated managed money trimming 1,968 contracts from their net long position by Tuesday. That took them to net long 70,727 contracts on 5/10.
Jul 22 Cotton is at 149.71, up 451 points,
Oct 22 Cotton is at 136.57, up 187 points,
Mar 23 Cotton is at 126.91, up 409 points