Cotton futures are trading anywhere from 11 to 140 points higher on Monday, after a week of losses and the lowest prices since Feb 1. They were down by 69 to 94 cents, though led lower by the new crop futures. Dec ended the week with a net 134 point loss, though May was a net 513 points weaker for the week and 17.15 cents off the contract high printed in Feb.
Cotton spec traders were shown 3.9k contracts less net long for the week after a bout of long liquidation. The CoT report had the group 80.6k contracts net long as of the settle. Commercial cotton traders were adding new hedges, though the shorts offset the new longs for a 4k contract swing to 127.6k contracts net short as of 4/2.
USDA’s weekly cotton market review had 4.7k bales sold on the week averaging 83.09 cents/lb. The Cotlook A Index was back down by 235 points to 95.60 cents/lb on 3/28. The AWP weakened by another 140 points to 69.48 ICE certified stocks were 14k bales higher to 81,664 bales for 4/1.
May 24 Cotton closed at 86.25, down 89 points, Currently up 83 points
Jul 24 Cotton closed at 87.82, down 75 points, Currently up 84 points
Dec 24 Cotton closed at 82.65, down 87 points, Currently up 11 points
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