AM Cotton Prices Up 60-100 Points

So far for the new week, the cotton futures market is trading higher by 68 to 80 points in new crop and 85 to 105 points in old crop. Cotton futures settled the Friday session with 215 to 310 point gains. March contracts closed 42 points under their daily high on a wide 4 cent ranged session. For the week March cotton was 231 points higher. Dec cotton remains a 3.05 cent discount to the lead month on the board. 

The CFTC data released after the close had managed money firms as 4,576 contracts less net long at 11,405. The commercial cotton hedgers added 2,683 new long hedges for the week, reducing their net short to 39,079 contracts. 

Weekly cotton bookings were 39,615 RBs according to the USDA’s FAS data. That was down 52% for the week and was a 72% drop from the same week last year. USDA had cotton commitments at 8.786m RBs as of 12/29, trailing last season’s pace by 17%. 

USDA’s weekly Cotton Market Review had 7,287 bales sold for the week on an average 81.35 cent/lb price. The Cotlook A Index was 220 points lower to 97.6 cents/lb. The week’s new AWP for cotton is 72.98 cents/lb after a 1.52 cent drop. 

Mar 23 Cotton  closed at 85.68, up 310 points, currently up 100 points

May 23 Cotton  closed at 85.65, up 303 points, currently up 89 points

Jul 23 Cotton  closed at 85.53, up 297 points, currently up 85 points