Early cotton trade has prices 30 to 45 points in the black so far. Front month cotton futures were down 4 to 49 points 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.
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, currently up 47 points
Jul 23 Cotton closed at 82.93, down 26 points, currently up 28 points
Dec 23 Cotton closed at 82.8, down 8 points, currently up 27 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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