Cotton Posts Friday Gains
Cotton futures were back up anywhere from 2 to 60 points on Friday, as December was down 49 points on the week. The outside markets were mixed factors, with crude oil up 9 cents/barrel and the US dollar index 357 points higher.
Friday’s Commitment of Traders report showed speculators in cotton futures and options adding back 4,455 contracts to their net long as of October 29 at 10,649 contracts.
Following Thursday’s Export Sales report total export commitments are now 5.663 million RB. That is down 13% from last year and is 53% of USDA’s full year export forecast, down from the 64% average sales pace. Accumulated shipments are 1.452 million RB, which is 13% of the USDA projection vs. the 18% average shipping pace.
The Seam reported 599 bales of online sales on October 31 at an average price of 62.10 cents/lb. ICE cotton stocks were unchanged on Thursday, leaving 174 bales of certified stocks. The Cotlook A Index was back down 50 points on October 31 at 82.05 cents/lb. The USDA Adjusted World Price (AWP) was down 74 points to 58.54 cents/lb per the Thursday afternoon update.
Mar 25 Cotton closed at 72.33, up 50 points,
May 25 Cotton closed at 73.83, up 37 points,
Jul 25 Cotton closed at 75.04, up 29 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.