Cotton futures closed out Friday with losses of 39 to 51 points to head to new lows, with March down 173 points this week. The outside markets are mixed factors, as crude oil futures were up $1.08/barrel on the day, with the US dollar index up 719 points on the day.
CFTC data showed speculators adding 5,135 contracts to their net short in cotton futures and options as of January 28. That took them to a record net short of 53,574 contracts.
Weekly Export Sales data showed MY total export commitments at 8.697 million RB, which is 85% of the USDA export forecast compared to the average sales pace of 86%.
The Seam reported 1,969 bales of online sales on January 30 at an average price of 59.94 cents/lb. ICE cotton stocks were unchanged on Thursday, at 218 bales of certified stocks. The Cotlook A Index was down another 25 points on 1/30 at 77.80 cents/lb. The USDA Adjusted World Price (AWP) was back up 31 points from the previous week on Thursday afternoon at 54.02 cents/lb.
Mar 25 Cotton closed at 65.88, down 39 points,
May 25 Cotton closed at 67.04, down 50 points,
Jul 25 Cotton closed at 68.23, down 51 points
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