Cotton futures are trading 12 to 41 points higher in early Tuesday action. Cotton futures closed the last trading day of 2023 with 5 to 62 point gains, led by the new crop contracts. The March contract had a net 124 point gain for the week, and finished with a net 94 point gain for the month of December. The 2024 December contract closed with a net 2 cent gain for the year, with an annual range from 83.4c to 75.50 cents. That all happened between January and March!
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.
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, currently up 41 points
May 24 Cotton closed at 82.15, up 25 points, currently up 33 points
Jul 24 Cotton closed at 82.83, up 41 points, currently up 29 points
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