Cotton futures are pushing higher on Tuesday, with contracts up 11 to 15 points. The outside markets are supportive factors at midday, with the US dollar index down 158 points and crude oil up $2/barrel.
USDA’s monthly Cotton Systems report showed 180 RB of domestic cotton consumed during October. Stocks at the end of October totaled 554 RB.
Weekly (delayed due to the holiday) Commitment of Traders data showed managed money slashing 15,986 contracts from their net short in cotton futures and options as of 11/26. They took that position to 15,986 contracts as of last Tuesday.
The Seam reported 2,000 bales of online sales on December 2 at an average price of 67.66 cents/lb. ICE cotton stocks were unchanged again on Monday, at 13,274 bales of certified stocks. The Cotlook A Index was up 25 points on 12/2 at 82.25 cents/lb. The USDA Adjusted World Price (AWP) was raised by 162 points last week to 57.53 cents/lb.
Mar 25 Cotton is at 71.61, up 12 points,
May 25 Cotton is at 72.8, up 15 points,
Jul 25 Cotton is at 73.68, up 11 points
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
