Cotton Flipping Back to Weakness at Midday
Cotton futures are trading with 64 to 77 cent losses so far on Monday. Crude oil futures are back down $1.73/barrel, with the US dollar index collapsing $0.949 to $98.180.
CFTC Commitment of Traders data showed spec funds adding back 13,273 contracts to their net short position as of April 15 to 42,418 contracts.
USDA’s Export Sales report showed a total of 201,990 RB of cotton sold in the week ending on April 10. That took the total export commitment figure to 10.755 million RB, which is 106% of the USDA export forecast and above the 103% average pace.
The Seam reported 5,685 cash bales sold online on 4/17, at an average price of 62.50 cents/lb. The Cotlook A Index was back up 35 points on Friday at 77.60 cents/lb. ICE cotton stocks were steady on April 17 with a certified stocks level of 14,478 bales. USDA’s Adjusted World Price (AWP) was back up 33 points last Thursday to 53.43 cents/lb.
May 25 Cotton is at 65.59, down 73 points,
Jul 25 Cotton is at 66.36, down 77 points,
Dec 25 Cotton is at 67.8, down 64 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.
