Cotton Lower Despite Outside Strength
Cotton futures are pulling off the midday lows but still posting 1 to 8 point losses so far. The outside markets are supportive today, as the US dollar index is down 425 points so far, with crude oil futures up $1.68/barrel.
Weekly Commitment of Traders data showed spec funds in cotton adding 2,934 contracts to their net short as of November 12 at 13,851 contracts.
The Seam reported 1,840 bales of online sales on November 15 at an average price of 72.51 cents/lb. ICE cotton stocks were up 1,123 bales on new certifications on Thursday, at 13,187 bales of certified stocks. The Cotlook A Index was down 50 points on 11/15 at 80.85 cents/lb. The USDA Adjusted World Price (AWP) was back up 24 points last week to 58.20 cents/lb.
Mar 25 Cotton is at 68.9, down 1 point,
May 25 Cotton is at 70.24, down 4 points,
Jul 25 Cotton is at 71.43, down 8 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.