Cotton #2 Futures Market News and Commentary
After seeing a 110 point trading range from -30 to +80, cotton futures ended the midweek session with losses of 1 to 6 points. OI data from ICE suggests the December contract has just 93 active contracts, with ~789 deliveries so far.
USDA reported 185,312 bales were classed on 11/28, for a WTD total of 521k bales.
The Seam confirmed 11,937 bales were sold on 11/28, the largest single day sale since August 30. The average selling price from The Seam was 78.54 cents, a 1-month high. The Cotlook A Index was 155 points weaker to 89.45 for 11/28. The AWP for this week is 65.23 cents/lb, and will be updated on Thursday after the close. ICE certified stocks stand at 87,769 bales.
Dec 23 Cotton closed at 78.59, down 1 point,
Mar 24 Cotton closed at 79.59, down 1 point,
May 24 Cotton closed at 80.23, down 1 pointOn the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned... Read more