Cotton is trading with morning gains of 124 to 164 points. The market settled 242 to 330 points lower on Monday, which erased all of last week’s gains. New crop Dec cotton closed at 77.06 cents per pound, a 8.22 cent discount to spot Dec.
USDA’s weekly Crop Progress report showed cotton harvest progressed 9% points to 71% complete as of 11/13. That remains 8% points ahead of the average pace with Louisiana now finished and AR and MS each +97% done.
The weekly CoT report showed cotton spec traders lifted 7.1k shorts, taking their net long back to 14,202 contracts as of 11/8. Commercial cotton hedgers also closed 10.5k longs for a 13.9k contract stronger net short of 36,393 contracts.
The 11/11 Cotlook A Index was steady at 103.55 cents. USDA’s weekly Cotton Market Review had 6,574 bales sold for an average price of 86.56 cents. The AWP for the week is 76.74 cents/lb. ICE certified stocks were 880 bales on 11/11.
Dec 22 Cotton closed at 85.28, down 292 points, currently up 162 points
Mar 23 Cotton closed at 83.62, down 271 points, currently up 153 points
May 23 Cotton closed at 82.5, down 306 points, currently up 150 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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