Cotton futures are sharply lower at midday with contracts down 43 to 273 points. The US PPI inflation report showed February PPI up 4.6%, below expectations. Core PPI inflation was up 4.4%. The US dollar index is up 1.47%, with crude down $4.83.
Money managers in cotton futures and options trimmed back their net short position by 6,244 contracts in the week ending 2/28, Â leaving them net short 6,994 contracts at the end of the month.
The Seam reported 4,451 bales sold on March 14th at an average price of 74.07 cents/lb, down 46 points from the previous day. The Cotlook A Index was back up 300 points to 95.55 cents for 3/14. The USDA’s FSA reduced the AWP for cotton by 78 points to 71.95 cents. It will be updated on Thursday.
May 23 Cotton  is at 78.53, down 284 points,
Jul 23 Cotton  is at 79.3, down 263 points,
Oct 23 Cotton  is at 81.91, down 43 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. For more information please view the Barchart Disclosure Policy here.
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