Cotton Heading Higher to Start the Week
Cotton futures are up 9 to 94 points at Monday’s midday. The outside market factors are not supportive, with crude oil down 49 cents and the US dollar index 90 points higher.
The large managed money speculators in cotton futures and options added 1,615 contracts to their net long position as of 5/14. As the Tuesday reporting period, they were net short 15,314 contracts, the largest in nearly 11 months.
ICE certified cotton stocks rose another 3,509 bales on May 16 at 192,348 bales. The Cotlook A Index was up another 75 points on May 16 at 85.85 cents/lb. The AWP dropped another 18 points to 59.46 on Thursday and is good through next week.
Jul 24 Cotton is at 76.09, up 20 points,
Dec 24 Cotton is at 75.2, up 23 points,
Mar 25 Cotton is at 76.6, up 2 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.
