Cotton futures ended the last trade day of the week 8 to 77 points lower. New crop futures were down by less, reducing the inverse to 2.17 cents from May to Dec.
CFTC’s weekly CoT report showed managed money was 59,653 contracts net long in cotton on 3/16. That was a 1,822 contract increase to the net position wk/wk via short covering. Commercials added short coverage, extending their net short to 140,228 contracts.
WTD sales on The Seam were 7,466 bales through Thursday at a wtd average price of 71.48 cents. USDA’s weekly Cotton Market Review cited 10,674 bales sold at spot at an average price of 81.98 cents. The Cotlook A index was back down by 50 points to 92.25 cents/lb on 3/18. The new AWP for cotton was raised by 75 points to 71.45 cents/lb.
May 21 Cotton closed at 84.68, down 77 points,
Jul 21 Cotton closed at 85.72, down 70 points,
Dec 21 Cotton closed at 82.51, down 8 points
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