Cotton futures posted gains heading into the weekend as contracts were mostly steady to 12 points higher. December was up 11 points this week. The US dollar index was back down $0.370 on the day to $97.845, with crude oil futures 22 cents higher.
Commitment of Traders data showed the managed money crowd in cotton futures and options increasing their bearish bet as of September 23rd by 2,943 contracts, taking their net short to 62,004 contracts.
Export Sales data from Thursday showed a total of 4.059 million RB of cotton sold by 9/18, which is down 18% from a year ago. That is 37% of the USDA export number and lags the 53% average pace.
Thursday’s online auction from The Seam showed 1,561 sales at an average price of 59.3 cents/lb. The Cotlook A Index was down 45 points to 77.70 cents on September 25. ICE cotton stocks were again steady on 9/25, with the certified stocks level at 15,474 bales. USDA’s Adjusted World Price (AWP) was back down 41 points this week at 54.38 cents/lb.
Oct 25 Cotton closed at 63.95, up 12 points,
Dec 25 Cotton closed at 66.4, up 12 points,
Mar 26 Cotton closed at 68.26, up 7 points
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com