Cotton Collapsing on Monday
Cotton futures are falling 93 to 117 points across the front months on Monday. Crude oil futures are down 145 cents per barrel at $60.93. The US dollar index is falling another $0.584 to $96.820.
USDA Export Sales data showed 7.35 million RB of cotton commitments as of Jan 15, 13% below last year. That was also 64% of the USDA projection and well behind the 81% average pace.
Commitment of Traders data showed managed money in cotton futures and options adding 1,580 contracts to their net short position as of Tuesday, taking it to 51,952 contracts.
The Friday online auction from The Seam showed sales of 57.99 cents/lb on 5,645 bales. The Cotlook A Index was down 50 points on January 23 at 74.05 cents. ICE certified cotton stocks were down 510 bales on 1/23 with the certified stocks level at 9,912 bales. The Adjusted World Price was updated to 50.99 cents/lb on last week, down 18 points from the week prior.
Mar 26 Cotton is at 62.64, down 117 points,
May 26 Cotton is at 64.4, down 108 points,
Jul 26 Cotton is at 66.04, down 93 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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