Overnight cotton markets were mixed, currently 58 lower (Dec) to 3 higher (May). Cotton futures faded on Friday, giving back some of the session’s gains, but still closed triple digits in the black. Old crop prices were 106 to 164 points higher going home, though March was still down by 1.8% for the week. New crop cotton also bounced into the weekend with 48 to 87 point gains.
CFTC data from the 2/15 settle showed managed money firms were 77,671 contracts net long in cotton. That was down 2,734 contracts from last week, mostly via long liquidation. The commercial cotton traders lifted hedges through the week, lightening the net short by 5,651 contracts to 149,321.
USDA’s weekly Cotton Market Review had 29,496 bales sold at spot during the week that ended 2/17, for an average price of 118.69 cents/lb. The Seam reported the week’s sales at 15,286 bales for a wtd average price of 113.63 cents/lb. The Cotlook A index was 125 points weaker on 2/17 at 135.70 cents/lb. USDA’s FSA reduced the Adjusted World Price for cotton 298 points to 114.62 cents/lb.
/A%20Lucid%20Motors%20vehicle%20parked%20in%20front%20of%20a%20showroom_%20Image%20by%20Michael%20Berlfein%20via%20Shutterstock_.jpg)
/Broadcom%20Inc%20logo%20on%20phone%20and%20site-by%20Majahid%20Mottakin%20via%20Shutterstock.jpg)
/Tesla%20Inc%20logo%20by-%20baileystock%20via%20iStock.jpg)
