Cotton futures gapped on Sunday evening to start off the week. Overnight action rallied back to close the gap, and the current board is mixed with old crop 4 to 15 points in the red and new crop 3 to 18 in the black. The cotton market ended Friday with 45 to 62 point old crop gains and 6 to 10 point new crop gains. That had March at a net 274 point gain for the week and Dec at a net 130 point gain.
The weekly Commitment of Trader’s report showed managed money traders were closing cotton shorts during the week that ended 1/30. That raised their net long by 4k to 28,647 contracts.
USDA’s weekly Cotton Market Review had 30,988 bales sold for the week with an average price of 81.35 cents/lb. The Cotlook A Index was 130 points lower to 93.55 cents/lb on 1/29. The AWP increased by 217 points to 67.64 cents for the coming week. ICE certified stocks were only 999 bales as of 1/26, with the March contract delivery period just a few weeks away.
Mar 24 Cotton closed at 87.11, up 62 points, currently up 18 points
May 24 Cotton closed at 88.15, up 51 points, currently up 9 points
Jul 24 Cotton closed at 88.7, up 45 points, currently up 3 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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