Cotton Continuing Weaker this Morning

Monday’s cotton market is working weaker to start the new week following the overnight adjusting. Front month cotton futures ended the Friday trading session 47 to 88 points in the red. New crop was also weaker on the broad commodity selloff, going home 88 to 112 points lower. 

CFTC data showed that cotton spec traders were closing longs through the week that ended 2/22. That left the group 74,657 contracts net long at the settle. On the commercial side, the Commitment of Traders report showed a 13,241 contract reduction to open interest and a 2,469 contract lighter net short. 

USDA’s weekly Export Sales data showed cotton bookings were 247,234 RBs for the week that ende 2/17. That was up 56% wk/wk and a 3-week high. China was the top old crop buyer with 92k RBs of the total. Cotton exports were 376,107 RBs during the week that ended 2/17. That was up 28% from the same week last year. 

USDA’s weekly Cotton Market Review showed 34,584 bales were sold at spot through the week that ended 2/24 with the average selling price of 118.32 cents/lb. The Cotlook A index was back up by 90 points for 2/24 to 137.4 cents/lb. USDA reduced the Adjusted World Price for cotton another 88 points to 113.74 cents/lb.  

Mar 22 Cotton  closed at 122.12, down 47 points, down 146 this morning

May 22 Cotton  closed at 118.63, down 53 points, down 213 this morning

Dec 22 Cotton  closed at 100.33, down 94 points, up down 81 this morning