AM cotton quotes are down 70 to 180 points and sitting at their lows for the session. The cotton market ended Friday 26 points off the high on triple digit gains. December was up by 129 points for the last trade day of the week, and settled the week with a net 80 point gain.Â
The weekly Commitment of Traders report showed spec traders were lifting shorts in cotton during the week that ended 7/3. That left the group with an 8,257 contract net short. The commercial hedgers had added shorts during the week for a 50,974 contract net short.Â
USDA reported the week’s cotton export sales were 109,209 RBs which was down 13% from last week but nearly 3x more than the same week last year. New crop bookings were 130,399 RBs for the week. That compares to 158k RBs last week and 382k from the same week last year. New crop commitments were at 2.3m RBs, or half of last year’s volume.Â
USDA’s weekly cotton market review showed the 6,034 bales sold during the week averaged 72.69 cents. The Cotlook A Index was steady at 92.65 cents/lb on 7/5. The AWP is 65.50 cents/lb.Â
Dec 23 Cotton  closed at 81.17, up 129 points, currently down 96 pointsÂ
Mar 24 Cotton  closed at 80.98, up 119 points, currently down 89 points
May 24 Cotton  closed at 81.04, up 108 points, currently down 78 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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