Cotton futures posted 25 point gains across the nearby contracts on Friday, with May down 2 points on the week. December was up 40 points this week. Crude oil futures were up $2.08 per barrel on the day at $67.29. The US dollar index was down $0.125 at $97.615.
Commitment of Traders data from Friday afternoon showed a total of 14,140 contracts trimmed from the spec fund net short position as of Tuesday, taking it to 65,368 contracts.
Export Sales data from Thursday showed 8.75 million RB in cotton export commitments, down 9% from last year. That is 78% of USDA’s full marketing year export projection, behind the 91% average sales pace.
The Seam showed sales of 6,467 bales sold on 2/26, averaging 59.09 cents/lb. The Cotlook A Index was back up 60 points on Thursday at 76.45 cents. ICE certified cotton stocks were steady on February 26, with the certified stocks level at 119,457 bales. The Adjusted World Price was raised by 1.79 cents to 51.84 cents/lb.
Mar 26 Cotton closed at 63.61, up 25 points,
May 26 Cotton closed at 65.61, up 25 points,
Jul 26 Cotton closed at 67.32, up 25 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.
