Cotton Slipping Lower at Midday
Cotton futures are showing 7 to 36 point losses so far on Monday. Crude oil futures are up another $0.31/barrel to provide some support, with the US dollar index down $0.175 so far 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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The Friday online auction from The Seam showed 2,123 bales sold at an average price of 64.18 cents/lb. The Cotlook A Index was back down 45 points on 3/14 at 78.40 cents/lb. ICE cotton stocks were steady again on March 14, with the current level of certified stocks at 14,488 bales. The USDA increased the weekly Adjusted World Price (AWP) by 188 points last Thursday afternoon to 53.76 cents/lb.
May 25 Cotton is at 67.01, down 36 points,
Jul 25 Cotton is at 68.29, down 31 points,
Dec 25 Cotton is at 69.91, down 7 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.
