Cotton Bulls Push Gains into the Weekend
Cotton futures closed out the Friday session with contracts up 45 to 66 points, as July was 348 points higher. Crude oil is down $0.19/barrel, with the US dollar index up $0.113
The Friday afternoon Commitment of Traders report showed cotton spec traders trimming back 2,946 contracts from their net short position as of Tuesday to 48,085 contracts by June 24th.
Weekly Export Sales data showed total cotton export bookings shipped and unshipped at 11.696 million RB, which is 109% of the USDA projection and behind the 115% average.
Monday’s Acreage report is expected to show 9.7 million cotton acres planted this spring according to a Bloomberg survey.
The Seam reported just 1,788 bales sold in the Thursday online auction at an average price of 64.80 cents. The Cotlook A Index was up 50 points on 6/26 at 79.15. ICE cotton stocks were down 9,641 on June 26 via decertification, with a certified stocks level of 51,495 bales. USDA’s Adjusted World Price (AWP) was up 15 points on Thursday at 54.18 cents/lb.
Jul 25 Cotton closed at 67.52, up 45 points,
Oct 25 Cotton closed at 68.8, up 66 points,
Dec 25 Cotton closed at 69.32, up 52 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.