The Monday cotton market is working 114 to 277 points lower. May is the firmest on light OI as the contract enters First Notice Day. Through the Friday close, cotton prices were down 486 points in July and 332 points in December from last Thursday’s weekly close. On Friday the board went home 79 to 239 points lower for the front months. May cotton futures were higher, bouncing late in the day with an 87 point gain. From Thursday to Friday May cotton was 252 points lower.
The weekly CoT report confirmed the spec bulls were taking profits through the week of 4/19. Managed money longs closed 4,554 contracts through the week, and paired with light new spec selling, weakened their net position by 4,794 contracts to 73,512 contracts net long. Commercial cotton traders also liquidated hedges through the week, with a net 22,441 contract lighter OI and a 6,841 contract lighter net short. Commercials were still net short 128,322 contracts as of 4/19.
The Cotlook A index was up half a cent to 157.20 cents per pound. USDA’s AWP for cotton was raised by a nickel to 136.20 cents. ICE certified stocks remained at 1,101 bales for 4/21.
May 22 Cotton closed at 139.46, up 87 points, currently down 114 points,
Jul 22 Cotton closed at 135.85, down 204 points, currently down 272 points,
Dec 22 Cotton closed at 119.16, down 102 points, currently down 202 points
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