Cotton prices are beginning the week with a mixed Monday morning. July cotton faded into Friday’s close and ended the session 37 points in the red. The other front months stayed higher, though the gains were limited to 27 points. July cotton futures were a net 270 points higher for the week, while Dec was up a net 131 points from Friday to Friday.
The weekly Commitment of Traders report showed managed money firms switched 3.2k contracts from long to short during the week that ended 5/30. At the settle the group was 1,510 contracts net long on 69k open contracts. Commercial cotton hedgers were adding long hedges through the week which reduced their net short by 8.8k to 49,322 contracts.
USDA’s weekly Export Sales data showed 267,767 RBs of old crop cotton was booked during the week that ended 5/25. That was a 9-wk high thanks to sales to China. Old crop commitments were set at 13.03m RBs for the season, which is 15% behind last year’s pace. New crop bookings were 76,561 RBs for a total of 1.685 million.
USDA’s weekly Cotton Market Review had 11,437 bales sold this week at an average 80.31 cents/lb. The Cotlook A Index was 40 points lower on 6/1 to 93.75 cents. The AWP for cotton by is 66.91 c/lb. ICE Certified stocks were 5,802 higher to 5,865 bales on 6/1.
Jul 23 Cotton closed at 86.05, down 37 points, currently down 10 points
Dec 23 Cotton closed at 81.85, up 27 points, currently up 10 points
Mar 24 Cotton closed at 81.65, up 16 points, currently up 18 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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