Cotton futures posted losses of 30 to 46 points on Friday, with March down 64 points this week. Crude oil futures were up $0.32 per barrel on the day at $64.74. The US dollar index was back up $0.893 to $97.030.
Friday’s Commitment of Traders report showed managed money adding 13,077 contracts to their net short position as of 1/27, taking it to 65,029 contracts.
Cotton export commitments are 7.553 million RB as of 1/22, down 13% from a year ago. That is 66% of USDA’s export projection and well shy of the 84% 5-year average.
Thursday’s online auction from The Seam showed sales of 57.51 cents/lb on 6,183 bales. The Cotlook A Index was steady on January 27 at 74.15 cents. ICE certified cotton stocks were unchanged on 1/29 with the certified stocks level at 8,600 bales. The Adjusted World Price was updated to 50.23 cents/lb this afternoon, down 76 points from the week prior.
Mar 26 Cotton closed at 63.17, down 31 points,
May 26 Cotton closed at 64.93, down 44 points,
Jul 26 Cotton closed at 66.55, down 46 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.
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