Cotton futures are down by triple digits with losses of as much as 320 points so far to start the new week. The front month cotton futures market ended Friday with 127 to 188 point losses. For the December contract that meant a full week drop of 3.45%. New crop futures stayed firmer but gave back 17 to 21 points on the day.Â
CFTC’s weekly CoT data had the funds covering 2.9k shorts through the week that ended 11/15. That left the managed money group 17,660 contracts net long at the settle. Commercials closed out over 20% of their open interest during the week! Both commercial longs and shorts were closed, for a net 5,777 contract stronger net short of 42,170 contracts. December cotton deliveries begin with FND next Wednesday.Â
Chinese October cotton imports were more than double last year with 130k MT brought in. Their YTD cotton imports are still trailing 2021 by 17% at 1.59 MMT.Â
USDA’s weekly Cotton Market Review showed 12,604 bales were sold at spot for the week with an 86.12 c/lb average price. MYTD spot sales total 57,375 bales compared to 316,548 during the same time last year. The Cotlook A Index was back down by 35 points to 105.40 cents/l on 11/17. The updated AWP for the week 77.78 cents/lb, from is 76.74 cents/lb.
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Dec 22 Cotton  closed at 85.16, down 188 points, currently down 276 cents
Mar 23 Cotton  closed at 83.78, down 150 points, currently down 314 cents
May 23 Cotton  closed at 83.07, down 132 points, currently down 318 cents
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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