Cotton futures are up 15 to 25 points so far on Wednesday. Crude oil futures are another 15 cents per barrel higher at $58.52. The US dollar index is back up $0.007 to $97.620. The markets will be closed on Thursday for Christmas, with an early close for Tuesday.
Export Sales data as of the week ending on 12/11 has cotton export commitments at 6.183 million RB, 14% below last year. That is also 54% of the USDA projection and lags the 72% average sale pace.
CFTC’s updated commitment of Traders report showed a total of just 180 contracts added to the managed money net short in cotton futures and options in the week of 12/16 to a net short of 54,833 contracts.
The 12/23 online auction from The Seam showed sales of 24,874 bales at an average price of 59.80 cents/lb. The Cotlook A Index was down 20 points on December 23 at 73.50 cents. ICE certified cotton stocks were down 796 bales via decertification on Tuesday with the certified stocks level at 11,600 bales. The Adjusted World Price was updated last Thursday to 49.99 cents/lb, a 40 point drop from the previous week.
Mar 26 Cotton is at 64.18, up 17 points,
May 26 Cotton is at 65.45, up 25 points,
Jul 26 Cotton is at 66.51, up 24 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 Barchart
