Cotton prices are up by triple digits so far for Friday. The cotton market settled Friday’s session down by 59 to 104 points. The May contract ended the week a net 129 points below the previous Friday settlement.
Weekly CFTC data showed the funds were adding new shorts in cotton through the week ending 3/21. That selling expanded the group’s net short by 10,602 contracts to 24,255.
Trader estimates ahead of the Planting Intentions report have 11m acres expected on average. That would be up from the 10.9 figure in USDA’s Outlook Forum, but still well under the 13.8 million planted last year. The full range of estimates is from 10.5 to 12.7 million acres.
USDA’s weekly Cotton Market review had 7,855 bales sold at spot this week for an average price of 75.43 cents/lb. The Cotlook A Index was 92.80 cents from 3/23, up by 50 points. The updated AWP for cotton is 225 points lower to 66.33 cents/lb. ICE certified stocks were 1,485 bales on 3/22.
May 23 Cotton closed at 76.54, down 104 points, currently up 139 points
Jul 23 Cotton closed at 77.17, down 102 points, currently up 129 points
Dec 23 Cotton closed at 78.4, down 86 points, currently up 119 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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