Overnight trading has cotton futures 36 to 121 points lower this morning. Cotton ended Friday’s market 62 to 88 points weaker for old crop. For March that limited the week’s net gain to 298 points. New crop futures were firmer on Friday, closing mixed within 10 points of UNCH.
The weekly CoT report showed managed money was 80,862 contracts net long in cotton as of 2/1. That was a 4,466 contract boost driven by net new buying. The commercials were adding hedges with a 13,887 contract increase to their OI and a 4,885 contract stronger net short of 152,854 contracts.
USDA’s weekly Cotton Market Review listed the week’s average cash price as 122.77 cents/lb for the 121,095 bales transacted through 1/3. The Cotlook A index for 2/3 was 95 points weaker to 140.15 cents/lb. The week’s AWP for cotton is now 116.10 c/lb.
Mar 22 Cotton closed at 126.74, down 88 points, down 121 this morning
May 22 Cotton closed at 123.99, down 74 points, down 119 this morning
Dec 22 Cotton closed at 103.81, down 7 points, down 36 this morning
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