Cotton futures are 53 to 83 points lower this morning. Cotton settled 71 to 160 points lower on Friday. A sharply stronger US dollar Dollar Index was among several factors encouraging some profit taking.
Friday’s Commitment of Traders report showed the speculative managed money traders were 23,908 contracts net short in cotton futures and options on June 4, adding 11,143 contracts to the position during the reporting week.
Warehouse stocks continue to build ahead of July futures deliveries. ICE certified cotton stocks were up 2,538 bales on June 6 at 131,037 bales. There were 647 decerts, with 5,975 bales awaiting review. The Cotlook A Index was up 90 points on June 6 at 83.65 cents/lb. The USDA Average World Price (AWP) is 58.13 through next Thursday, dropping 6.24 cents/lb from the previous week.
Jul 24 Cotton closed at 73.84, down 160 points, currently 82 lower
Dec 24 Cotton closed at 72.89, down 71 points, currently 53 points lower than
Friday
Mar 25 Cotton closed at 74.64, down 78 points
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