The front month cotton futures market was another 25 to 39 points higher on Friday, extending the July contract’s weekly gain to 65 points.
Weekly Commitment of Traders data showed managed money cotton traders were 20,298 contracts net short as of 4/25. That was a 13k contract stronger net short wk/wk, driven by net new selling. Commercial cotton traders reduced their net short by 15k contracts through the week to just 27,207 via a combination of new longs and fewer short hedges.
USDA’s weekly Cotton Market Review showed 6,570 bales were sold during the week that ended 4/27 with an average price of 76.93 cents/lb. The 4/26 Cotlook A Index was down by 205 points to 91.70 cents/lb. The updated AWP for is 66.53 cents/lb. That compares to 70.82 cents last week.
May 23 Cotton closed at 79.03, up 40 points,
Jul 23 Cotton closed at 80.8, up 40 points,
Dec 23 Cotton closed at 81.1, up 48 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.
/Cybersecurity%20by%20AIBooth%20via%20Shutterstock.jpg)