Cotton price action is 137 to 157 points higher so far on Monday morning. Futures closed out Friday with contracts 11 to 18 points higher, as March cotton was down 121 points last week. The outside markets are positive factors on Friday, with the US dollar index back down 592 points and crude oil back up 13 cents/barrel.
Cotton Ginnings data was updated on Friday morning, showing 1.748 million RB of cotton ginned during the first 15 days of December, which brought the marketing year total to 11.425 million RB. That was an increase of 13% from the previous year.
CFTC Commitment of Traders data tallied managed money spec funds at a net short of 7,034 contracts as of 12/17. That was an increase to their net short, at 29,257 contracts as of Tuesday.
Export Sales data took total cotton shipments to 2.411 million RB, down 15% from last year and 23% of USDA’s export forecast, lagging the 27% average shipping pace for this time of year. Total shipped and unshipped commitments are 7.207 million RB, down 11% from a year ago. That is also 68% of the USDA projection, behind the 75% average pace.
The Seam reported 7,902 bales of online sales on December 19 at an average price of 58.15 cents/lb. ICE cotton stocks were unchanged on Thursday, at 20,113 bales of certified stocks. The Cotlook A Index was down 50 points on 12/19 at 78.35 cents/lb. The USDA Adjusted World Price (AWP) was cut by another 113 points on Thursday to 55.09 cents/lb. It is good through next Thursday.
Mar 25 Cotton closed at 68.06, up 15 points, currently up 159 points
May 25 Cotton closed at 69.17, up 14 points, currently up 153 points
Jul 25 Cotton closed at 70.12, up 14 points, currently up 145 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 BarchartThe views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
