Cotton futures were 8 to 56 cents lower in most contracts on Friday, with July down 319 points on the week. December was down 258 points since last Friday. The US dollar index was $0.052 higher at $99.270. Crude oil was up $0.65 on the day to $97.00. The market will be closed on Monday for Memorial Day, with a normal open for the Tuesday session.
CFTC data showed managed money adding another 2,475 contracts of cotton futures and options to their net long in the week ending on 5/19, taking it to 62,045 contracts.
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USDA’s Export Sales report has the total cotton export commitment level at 10.994 million RB, which is 1% below last year. That is 98% of the USDA export projection and behind the 106% average.
The Seam reported 962 sales on Thursday at an average of 75.27 cents/lb. The Cotlook A Index was back down 75 points on May 21 at 91.50 cents. ICE certified cotton stocks were up 3,746 on Thursday with the certified stocks level at 213,969 bales. The Adjusted World Price was back down 319 points on Thursday at 68.68 cents/lb.
Jul 26 Cotton closed at 77.42, down 56 points,
Dec 26 Cotton closed at 79.33, down 40 points,
Mar 27 Cotton closed at 80.19, down 39 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.
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