
The front month cotton futures finished the last trade day of the week 19 to 63 points higher. Dec closed out the week 160 points higher, but still 11.08 cents off the Sep high. Red Dec futures were 110 points higher for the week, and are now at a net 71 point discount to spot futures.
Managed money firms were adding shorts in cotton during the week that ended 11/14, according to the Commitment of Traders data. That flipped the group from an 8.7k net long to a 5,899 contract net short. Commercial traders were closing hedges in near equal order. With 35k fewer hedges in place, the net short was 504 contracts weaker to 45,517.
USDA’s weekly Cotton Market Review showed 18,040 bales were sold at spot during the week, averaging 73.79 cents/lb. The season’s total sale was marked at 148,028 bales, compared to 57,375 last year.
The Cotlook A Index was 15 points lower to 90.90 cents/lb. The new AWP is 64.23 cents/lb. ICE certified stocks for 11/16 were 86,868 bales.
Dec 23 Cotton closed at 78.92, up 24 points,
Mar 24 Cotton closed at 81.51, up 63 points,
May 24 Cotton closed at 82.19, up 56 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.