Cotton Pushes Higher into the Weekend, Despite USDA Production Hike
Cotton futures were 53 to 79 points higher on the Friday session, as December was 166 points higher. Crude oil was up 17 cents per barrel on the session, with the US dollar index $0.090 higher.
The NASS Cotton Ginnings report from Friday showed a 487,900 RB of cotton ginned in the last two week of September, with the marketing year total at 917,150 RB.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
Crop Production data raised yield by 14 lbs/ac to 790 lbs. That added another 240,000 bales to production at 13.44 million bales. US ending stocks via the WASDE were up 200,000 bale to 3.8 million.
Commitment of Traders data showed managed money cutting back another 10,756 contracts from their net long position in the week ending on 10/6. That took the net position to 63,837 contracts.
Harvest may be slowed in parts of the Southeast over the weekend, with hurricane Isaias bringing 2 to 5 inches across much of the region from the Mississippi River to the Atlantic.
The Seam reported just 91 bales sold on October 8, at an average of 72.51 cents/lb. The Cotlook A index was back down 105 points on Thursday at 90.65. ICE certified cotton stocks were unchanged on 10/8, with the certified stocks level at 17,756 bales. The Adjusted World Price was down another 135 points on Thursday to 63.81 cents/lb
Dec 26 Cotton closed at 80.54, up 60 points,
Mar 27 Cotton closed at 83.59, up 56 points,
May 27 Cotton closed at 85.3, up 56 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.
More news from Barchart
