Cotton Faces Friday Pressure
Cotton futures posted mixed trade at the Friday close, with front months down 51 to 60 points and deferreds up 8 to 11 points. December closed the week with a 156 point gain. Crude oil was down $2.17 per barrel on the session, with the US dollar index $0.253 lower.
Limited information was released on Friday over what was discussed between US and Chinese leaders this week. Reports on Friday indicated USTR Greer was looking for details to be released on Monday.
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CFTC Commitment of Traders data showed managed money cutting 16,293 contracts from their net long position in the week of September 22, taking it to 81,610 contracts.
USDA’s Export Sales report has export commitments at 4.735 million RB, which was 17% above the same time last year. That is 41% of the USDA export projection and behind the 49% average pace.
The Seam reported sales of 164 bales on Thursday at an average of 78.01 cents/lb. The Cotlook A index was steady on September 24 at 93.25. ICE certified cotton stocks were unchanged on 9/24, with the certified stocks level at 29,556 bales. The Adjusted World Price was down 283 points on Thursday to 66.09 cents/lb.
Oct 26 Cotton closed at 78.91, down 60 points,
Dec 26 Cotton closed at 82.71, down 60 points,
Mar 27 Cotton closed at 85.49, down 57 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.
