Front month cotton futures were down 4 to 49 points at the closing bell on Friday. That left the May contract at a 6 point premium to Dec, after the two fell a net 34 and 44 points respectively from last Friday.
USDA’s FAS reported 143,203 RBs of cotton sales for the week that ended 4/6. Cotton exports were 334,569 RBs for the week the accumulated export reached 7.146m RBs, still 4% lower than last year’s pace. Total commitments were at 11.76m RBs, down 18% yr/yr.
CFTC’s weekly Commitment of Traders report showed net new buying from managed money cotton traders. The 1.8k new longs reduced the group’s net short to 14,773 contracts. Commercial cotton traders closed 2.7k long hedges and added 2k new shorts for a new net short of 24,474 contracts as of the 4/11 settle.
USDA’s weekly cotton market review showed 31,700 bales were sold for the week and averaged 80.36 cents/lb. The YTD total sale reached 564.7k bales compared to 1.596m last year. The Cotlook A Index for 4/13 was 30 points weaker to 96.10 cents/lb. The AWP for cotton was 17 points higher to 70.05 cents/lb.
May 23 Cotton closed at 82.86, down 49 points,
Jul 23 Cotton closed at 82.93, down 26 points,
Dec 23 Cotton closed at 82.8, down 8 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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