Cotton futures were down 1 to 12 points across most front months on Friday, with May the lone hold out, up 20 points. May was still down 40 points this week. The US dollar index is slipping 0.2622 lower at $98.340. Crude oil was back down 97 cents to $94.88.
Spec traders were busy increasing their fresh bullish bet in cotton futures and options in the week ending on April 21 by another 17,639 contracts. That net long was 34,464 contracts by Tuesday, the largest in nearly 2 years.
Export Sales data has export commitments at 10.58 million RB, which is 2% below last year’s total for this time. That is also 93% of the USDA export projection and lags the 101% 5-year average sales pace.
The Seam showed 4,899 bales sold on Thursday at an average of 71.79 cents/lb. The Cotlook A Index was back down 215 on April 23 at 88.40 cents. ICE certified cotton stocks were steady on 4/23, with the certified stocks level at 165,681 bales. The Adjusted World Price was up another 365 points on Thursday afternoon to 65.26 cents/lb.
May 26 Cotton closed at 77, up 20 points,
Jul 26 Cotton closed at 79.36, down 9 points,
Dec 26 Cotton closed at 80.58, down 10 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. For more information please view the Barchart Disclosure Policy here.
