Cotton Closed Firmer on Friday
Nearby cotton futures settled the last trade day of the week 24 to 46 points in the black. May futures again tried to rally this week earlier, but closed off the highs for the week and at a net 134 point loss. Dec cotton finished the week with a net 69 point gain.
CFTC’s report had cotton traders liquidating longs during the week that ended 3/12. That dropped their net long by 3.2k contracts to 93,160. The commercial cotton hedgers were 1,517 contracts less net short at 132,529.
USDA’s weekly Cotton Market Review showed 11,320 bales were sold at an average price of 89.25 cents/lb. The Cotlook A Index for 3/14 was 40 points weaker to 99.80 cents/lb. The updated AWP is 76.10 cents/lb, down by 68 points from last week. ICE certified stocks added another 1,100 bales to 27,765 as of 3/13.
May 24 Cotton closed at 93.94, up 46 points,
Jul 24 Cotton closed at 93.59, up 33 points,
Dec 24 Cotton closed at 83.68, up 25 points
On the date of publication, Alan Brugler 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.
