Cotton Futures Close Mostly Red on Monday
The old crop cotton futures were 71 to 125 points lower for the close, though futures were 15 points off their lows for the day. New crop futures finished the day 5 to 8 points stronger on the day.
The weekly Commitment of Traders report showed managed money cotton traders dropped 6k existing shorts and added 11.6k new longs during the week that ended 2/6. That raised their net long to 46,344 contracts. Commercial cotton hedgers added 17.5k short hedges for a 90,540 contract net short as of 2/6.
The Cotlook A Index for 2/9 was 97.40 cents/lb, up by another 55 points. The AWP is 70.04 cents/lb. ICE certified stocks were only 999 bales as of 2/6.
Mar 24 Cotton closed at 90.53, down 125 points,
May 24 Cotton closed at 91.3, down 92 points,
Jul 24 Cotton closed at 91.51, down 71 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.
