Cotton Fading into Friday

The morning cotton market is trading 6 to 85 points lower, save for March which is up by 55. Open interest in the March contract has fallen to 2,142 contracts. The front month cotton market rallied on Thursday, with nearby March up 160 points, ending just 35 points under the session high. That has March back to a 33 point gain for the week heading into Friday. New crop cotton held 6 to 21 points higher for the close. 

CFTC had unfixed call sales listed at 70,070 contracts as of 2/16, down slightly from the week prior according to Thursday’s Cotton On-Call report . There were 6,470 contracts that rolled out to the March, with the May now at 23,395 contract and 22,528 contracts for July. Unfixed call purchases were at 49,176 contracts as of last Friday, down 3,076 contracts from the week prior. A majority of those are in the December contract (31,406).

 

The Cotlook A Index was 230 points weaker to 99.30 cents/lb. The updated AWP was listed at 73.44, another 340 points higher for the week. ICE certified stocks were 997 bales as of 2/21. 

 

Mar 24 Cotton  closed at 94.2, up 160 points, currently up 55 points

May 24 Cotton  closed at 94.46, up 123 points, currently down 83 points

Jul 24 Cotton  closed at 93.62, up 77 points, currently down 69 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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