Cotton futures rounded out the Friday session with contracts steady to 5 points lower, as March was 40 points higher this week. Crude oil futures were back up $1.02 per barrel at $58.78. The US dollar index was up $0.212 at $98.900.
USDA’s Export Sales now has upland cotton export commitments at 6.598 million RB, which is down 15% from the same week last year. That is 57% of USDA’s export forecast and behind the 77% average sales pace. Shipments are 2.986 million RB and 26% of the USDA number (behind the 30% average pace).
Commitment of Traders data showed a total of 1,306 contracts cut from the managed money net short position in the week ending on January 6. That took their net short to 47,772 contracts.
The Thursday online auction from The Seam showed sales of 61.10 cents/lb on 10,864 bales. The Cotlook A Index was down 25 points on January 8 at 74.80 cents. ICE certified cotton stocks were steady on 1/8 with the certified stocks level at 11,510 bales. The Adjusted World Price was updated to 50.97 cents/lb on Thursday afternoon, up 21 points from the week prior.
Mar 26 Cotton closed at 64.41, down 5 points,
May 26 Cotton closed at 65.91, down 2 points,
Jul 26 Cotton closed at 67.31, unch
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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