Cotton futures are down 175 to 290 points on Monday’s midday we futures explore new lows for the move. Crude oil is pressuring the market at midday, with losses of $74.26/barrel, with the US dollar index down 487 points.
Commitment of Traders data did show short covering in the week that ended on May 28, with specs trimming 10,607 contracts from their net short position. They took it to 12,765 contracts as of May 28.
ICE certified cotton stocks were back up 2,260 bales on May 31 at 125,675 bales. The Cotlook A Index was down another 330 points on May 31 at 86.80 cents/lb. The USDA Average World Price (AWP) was raised 429 points to 64.37 cents/lb and will be in effect until next Thursday.
Jul 24 Cotton closed at 73.36, down 279 points,
Dec 24 Cotton closed at 73.29, down 182 points,
Mar 25 Cotton closed at 75.04, down 175 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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