Cotton futures closed the last trading day of 2023 with 5 to 62 point gains, led by the new crop contracts. The March contract was at a net weekly 124 point gain for the week, and finished with a net 94 point gain for the month of Dec. The new Dec contract closed with a net 2 cent gain for the year, from 83.4c to 79.36 cents.
CFTC reported managed money funds closed 3.6k longs and added 1.5k new shorts in cotton during the week that ended 12/26. That flipped the group to net short with a 5.1k contract swing to 3.8k contracts net short. Commercial hedgers closed 3k shorts, reducing the group’s net short to 39,776 contracts.
Weekly FAS data had 369,857 RBs of cotton sold during the week that ended 12/29.
The Seam reported 13,493 bales of cotton was sold online on 12/27 with an average gross price of 74.09 cents/lb. The Cotlook A Index for 12/27 was a penny stronger at 90.40 cents/lb. The AWP was 36 points higher for the week at 64.16 cents/lb.
Mar 24 Cotton closed at 81, up 5 points,
May 24 Cotton closed at 82.15, up 25 points,
Jul 24 Cotton closed at 82.83, up 41 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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
