Front month cotton futures rallied through the week, but faded off the highs for each close after Tuesday. At the closing bell for month’s end, December futures were 53 points higher for the day, 585 points higher for the week, and just 210 points weaker for the month. December remained a 6.39 cent discount to the October contract and a 3.23 cent premium to March as the market remains inverted.
CFTC data showed spec funds in cotton futures and options trimming their net long position by 1,366 contracts to 33,331 contracts as of Tuesday.
USDA’s weekly Cotton Market Review declared the week’s average cash price as 104.04 cents/lb for the 618 bales sold at spot. USDA had the season’s total sales as 1.624m bales, compared to 1.387m at the same time last year. The Cotlook A Index (old crop) was 130.4 cents/lb after a 50 point boost on 7/28. USDA’s AWP for cotton was raised back to 104.28, after a 32 point boost.
Oct 22 Cotton closed at 103.13, up 76 points,
Dec 22 Cotton closed at 96.74, up 53 points,
Mar 23 Cotton closed at 93.51, up 84 points
/A%20concept%20image%20of%20space_%20Image%20by%20Canities%20via%20Shutterstock_.jpg)
/A%20concept%20image%20of%20a%20flying%20car_%20Image%20by%20Phonlamai%20Photo%20via%20Shutterstock_.jpg)
/Oracle%20Corp_%20office%20logo-by%20Mesut%20Dogan%20via%20iStock.jpg)