Cotton Collapsing on Monday
Cotton futures are falling back, with midday losses of 153 to 184 in the nearbys on Monday. Crude oil futures are down 52 cents/barrel. The US dollar index is continuing to fall, down $0.397 at $99.496.
CFTC data from Friday afternoon showed spec funds in cotton futures and options cutting 10,943 contracts from their net short position as of April 8 to 55,691 contracts.
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The Seam reported just 31 cash bales sold on 4/11, at an average price of 56 cents/lb. The Cotlook A Index was down 25 points on Friday at 78.30 cents/lb. ICE cotton stocks were down 10 bales on decertification on April 11 to a certified stocks level of 14,478 bales. USDA’s Adjusted World Price (AWP) was back down 212 points last week to 53.10 cents/lb.
May 25 Cotton is at 64.05, down 184 points,
Jul 25 Cotton is at 65.35, down 166 points,
Dec 25 Cotton is at 66.98, down 153 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.
