Current cotton prices are working triple digits higher, mostly up by 1 1/2 cents/lb following the bounce into the weekend on Friday. Friday’s cotton market ended with triple digit gains ahead of the weekend. October cotton expired officially at 92.23 cents.
Data from the weekly Commitment of Traders report showed the funds were 8,651 contracts less net long in cotton through the week that ended 10/4. That net new selling left the group at just 32,532 contracts net long. From the commercials, CFTC data had open interest increase 7,067 contracts to 224,686. Of that they are 51,944 contracts net short.
The Seam reported 1,770 bales were sold on 10/6 for an average gross price of 75.36 cents/lb. The weekly Cotton Market Review from USDA showed the average spot price was 85.59 cents for the 2,964 bales sold during the week that ended 10/6 – that set the season to date total as 29,230 bales, down from 55k bales last year. The Cotlook A Index for 10/6 was 5 cents lower at 101.70. USDA’s updated AWP for cotton is 77.19 cents/lb, down from 82.42 cents. ICE certified stocks were at 2,109 bales.
Dec 22 Cotton closed at 84.23, up 133 points, currently up 147 points
Mar 23 Cotton closed at 82.66, up 122 points, currently up 153 points
May 23 Cotton closed at 81.51, up 121 points, currently up 149 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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