The Friday cotton market closed with prices 103 to 213 points in the black. Dec settled just 5 points off the session high, after having seen 90 cents for the first time since August of last year. Dec finished the week with a net 264 point gain. Through the month of August, Dec futures saw a 558 point range and a net 310 point gain. Â
The weekly CFTC report had managed money firms rolling out of shorts and into new longs for cotton during the week that ended 8/24. The 5k fewer shorts and 6.2k new longs left the group at 38,403 contracts net long – their strongest position since September 2022. Commercial cotton traders added 7.5k new short hedges during the week, taking their net short to 88,934 contracts.Â
USDA’s weekly Classings summary showed 109.7k bales were classed in TX this week for a season total of 389.9k bales. No other states have begun reporting.Â
USDA’s weekly Cotton Market Review showed 27,109 bales were sold for the week at an average price of 82.52 cents. The Cotlook A Index was up by a penny to 97.95 on 8/31. The updated AWP for cotton was 71.56 cents, up by 2.5 c/lb. ICE Certified Stocks were 352 bales on 8/31.Â
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Dec 23 Cotton  closed at 89.95, up 213 points,
Mar 24 Cotton  closed at 89.77, up 204 points,
May 24 Cotton  closed at 89.7, up 202 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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