Cotton futures posted gains of 44 to 170 points across the board on Friday, with May rallying 418 points on the week. The US dollar index was $0.045 higher at $98.070. Crude oil fell $9.12 on the day following Iran agreeing to open the Strait of Hormuz this morning.
Managed money flipped their net short by 18,845 contracts to a net long of 16,825 contracts in cotton futures and options, as of April 14, That was the first net long in nearly 2 years.
USDA Export Sales data from Thursday has export commitments at 10.409 million RB, which is down 1% from a year ago. That is also 92% of USDA’s number and lags the 100% pace from the last 5 years. Exports are 6.71 million RB, which is 60% of USDA’s number, which is behind the 62% average pace.
The Seam showed 4,014 bales sold on April 15 at an average of 74.94 cents/lb. The Cotlook A Index was 100 points higher on Thursday at 86.60 cents. ICE certified cotton stocks were steady on 4/16, with the certified stocks level at 162,367 bales. The Adjusted World Price was up another 287 points on Thursday at 61.61 cents/lb.
May 26 Cotton closed at 77.4, up 170 points,
Jul 26 Cotton closed at 79.82, up 169 points,
Dec 26 Cotton closed at 80.5, up 151 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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