Cotton futures posted a rally or 110 to 150 points across most contracts on Friday, as March closed out the week with a 92 point gain. Crude oil futures was down 4 cents per barrel on the day at $66.36. The US dollar index was down $0.170 to $97.685.
USDA’s Export Sales report from this morning showed 466,253 RB of cotton sold in the week of 2/12. That was a marketing year high and the larges sale for a single week since June 2023. Vietnam was the largest buyer of 144,800 RB, with 126,400 RB to Bangladesh, and 50,000 RB to Pakistan. Shipments were 172,615 RB, a 5-week low. The largest destination was Vietnam at 51,500 RNB, with 36,700 RB sold to Turkey.
CFTC data via Commitment of Traders report showed 3,906 contracts added to the managed money net short to 79,508 contracts.
The Seam showed sales of 27,314 bales sold on 2/19, averaging 59 cents/lb. The Cotlook A Index was up 15 points on Thursday at 73.70 cents. ICE certified cotton stocks were up another 2,382 bales on February 19, with the certified stocks level at 119,457 bales. The Adjusted World Price was up 66 points on Thursday afternoon to 50.05 cents/lb.
Mar 26 Cotton closed at 63.03, up 110 points,
May 26 Cotton closed at 65.63, up 149 points,
Jul 26 Cotton closed at 67.18, up 145 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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