Firmness for Morning Cotton

Into the day portion of Monday, cotton prices are working 79 to 99 points higher. Prices did attempt to fade overnight, as Dec got below 90c. Front month cotton futures ended the day 35 to 71 points in the red, save for the thinly traded October contract which went home at a 17 point drop. October got back above the $1 mark briefly. Dec cotton ended the week 2.18 cents above last Friday. 

Weekly CFTC data showed cotton specs were 934 contracts less net long as of 7/19. That left the group 34,697 contracts net long. 

USDA’s weekly Cotton Market Review showed no sales for spot cotton this week, but cited the spot price as $1.04 04/100 per pound. YTD sales total 1.624m bales compared to 1.386m bales during at the same point last season. The 7/21 Cotlook A Index (old crop) was 50 points firmer to 129.8 cents/lb. USDA’s reduced their AWP for cotton by 514 points to 10.96 cents/lb. 

Oct 22 Cotton closed at 99.43, down 17 points, currently UNCH

Dec 22 Cotton closed at 90.89, down 71 points, currently up 94 points

Mar 23 Cotton closed at 87.3, down 58 points, currently up 79 points