Cotton futures began the new week of trading with losses. Dec held firm near the day’s low for most of the session, while the other front months attempted an intra-day comeback. Futures ultimately could not hold on, closing 93 to 125 points in the red.
Weekly CFTC data reflecting positions as of the 11/22 settle, delayed in recognition of Thanksgiving, showed managed money cotton traders lightened their net long by 381 contracts to 17,279. Commercial cotton traders closed 10k contracts through the week, which reduced their net short hedge by 2.6k to 39,525 contracts.
Cotlook A Index was UNCH at 101.35 cents for 11/25. The Seam reported 2,547 bales of cotton was sold on 11/22 for 84.71 average gross price. The AWP for the week was 317 points lower to 74.61 cents. ICE certified stocks were 8,901 bales on 11/23.
Dec 22 Cotton closed at 80.2, down 114 points,
Mar 23 Cotton closed at 78.95, down 123 points,
May 23 Cotton closed at 78.39, down 114 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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