Cotton Rally on Monday
Cotton futures posted gains for 55 to 64 points in the nearbys on Monday to rally out of the holiday slowed weeks. Crude oil futures were back up $1.08 per barrel at $58.34. The US dollar index was down $0.113 at $98.045.
USDA’s Export Sales report was out this morning showing a total of 133,996 RB of cotton sold in the week ending on 12/25. Shipments were tallied at 140,723 RB, back down from the week prior.
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Commitment of Traders data showed managed money cutting 1,368 contracts from their net short in cotton futures and options as of last Tuesday to 49,078 contracts.
The Seam’s online auction showed sales of 4,796 bales on January 2 at an average price of 57.81 cents/lb. The Cotlook A Index was steady on Friday at 74.30 cents. ICE certified cotton stocks steady on 1/2 with the certified stocks level at 11,510 bales. The Adjusted World Price was updated to 50.76 cents/lb last week, up 74 points from the week prior. The LDP rate is now 1.24 cents.
Mar 26 Cotton closed at 64.65, up 64 points,
May 26 Cotton closed at 65.99, up 62 points,
Jul 26 Cotton closed at 67.31, up 59 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.
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