Cotton Pushes Higher into Long Weekend
Cotton futures closed out the week with Friday gains of 25 to 50 points, as July was up 122 points this week. Crude oil prices were up 51 cents on the day, with the US dollar index down $0.849 to $99.000. The market will be closed on Monday for Memorial Day, as well as the government reports delayed, with a normal open for the Tuesday session.
Money Managers in cotton futures and options added back 10,951 contracts to their net short position as of May 21. That net short stood at 40,039 contracts by Tuesday.
Export Sales data shows 11.297 million RB in cotton commitments. That is 109% of the USDA export forecast, now slightly behind the 110% average pace.
The Seam reported 245 bales sold on 5/22 at an average price of 56.74 cents. The Cotlook A Index was unchanged on Tuesday at 78.25. ICE cotton stocks were up 2,444 on May 22 via new certification, with a certified stocks level of 42,240 bales. USDA’s Adjusted World Price (AWP) was down 38 points on Thursday afternoon at 53.52 cents/lb.
Jul 25 Cotton closed at 66.11, up 48 points,
Oct 25 Cotton closed at 68.43, up 25 points,
Dec 25 Cotton closed at 68.63, up 37 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.