Cotton Posts Friday Strength
Cotton futures rallied on Friday, with contracts up 68 to 90 points at the close, as May was up 130 points this week. Crude oil futures were back up $0.64/barrel to provide some support, with the US dollar index down $0.155 on the day.
The large managed money spec funds in cotton futures and options trimmed back 3,547 contracts from their previous record net short position as of Tuesday. That net short was 76,410 contracts by March 11.
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Thursday’s online auction from The Seam showed 5,722 bales sold at an average price of 66.35 cents/lb. The Cotlook A Index was back up 100 points on 3/13 at 78.85 cents/lb. ICE cotton stocks were steady again on March 13, with the current level of certified stocks at 14,488 bales. The USDA increased this week’s Adjusted World Price (AWP) by 188 points on Thursday afternoon to 53.76 cents/lb.
May 25 Cotton closed at 67.37, up 84 points,
Jul 25 Cotton closed at 68.6, up 90 points,
Oct 25 Cotton closed at 70.25, up 68 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.
