Cotton futures faced outside pressure on Friday, with contracts down 41 to 137 points across the board, with July falling 240 points. The US dollar index was up $0.643 at $100.025. Crude oil losses of $2.79 added some modest pressure.
Weekly CFTC data showed spec funds trimming 1798 contracts from their net long and cotton futures and options as of June 2, taking that position to 52,402 contracts.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
USDA’s Export Sales data has 11.33 million RB of cotton export business, down just 1% from the same week last year. That is 101% of the USDA export projection and 8 percentage points behind normal. Shipments are 79% of that estimate at 8.883 million RB, near the 80% average pace.
The Seam reported sales on 475 bales on June 4 at an average of 70.29 cents/lb. The Cotlook A Index was unchanged on Thursday at 87.50 cents. ICE certified cotton stocks were down 4,592 on 6/4 with the certified stocks level at 250,429 bales. The Adjusted World Price was down another 29 points on Thursday at 63.20 cents/lb.
Jul 26 Cotton closed at 73.75, down 114 points,
Dec 26 Cotton closed at 77.48, down 101 points,
Mar 27 Cotton closed at 78.8, down 101 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.
More news from Barchart
- Soybean Prices Have Likely Hit a Floor. Wait for These Levels and Then Buy.
- Look Out Below! Grain and Cotton Prices Are on the Ropes Heading into Summer.
- The Bears Are in Control of Cotton Prices. Here Are the Levels to Watch Before You Sell.
- Can Wheat Continue to Rally?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
