December cotton ended the day locked limit lower on the 3c loss. The March contract worked back off the limit for the bell, but still went home down by 274 points. For the week, Dec cotton closed 702 points in the red.
CFTC’s Commitment of Traders report showed the funds added6.8k new shorts and closed 1.9k longs through the week that ended 10/25. That left the group 13,280 contracts net long – their weakest since July 2020. Commercial cotton traders reduced exposure through the week weakening their net short by 8.3k contracts to 32,346 – their lowest since March 2020.
USDA’s weekly Cotton Market Review showed 1,734 bales were sold at spot this week for an average cash price of 78.17 cents/lb. The Cotlook A index for 10/27 was another 70 points lower to 95.25 cents/lb. USDA’s AWP was 4.81 cents weaker to 68.95 cents/lb for the week.
Dec 22 Cotton closed at 72.11, down 300 points,
Mar 23 Cotton closed at 72.07, down 274 points,
May 23 Cotton closed at 72.3, down 223 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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