Cotton futures are starting out the new week exploring new lows, as contracts are down anywhere from 67 to 205 points at midday. Pressure may be coming from precip totals expected across parts of TX over the next week, favorable for crop conditions.
Spec funds in cotton futures and options keep piling onto the short side, with CFTC data showing an increase of 11,827 contracts to their net short. Their position was pegged at 35,735 contracts as of Tuesday, the largest since the fall of 2019.
The ICE certified cotton stocks were down 264 bales on June 14 at 137,983 bales. There were 684 decerts, with 420 new certs and 2,151 bales awaiting review. The Cotlook A Index was back unchanged on June 14 at 81.85 cents/lb. The USDA Average World Price (AWP) was down 81 points to 57.32 cents per pound last week. That is effective through this Thursday.
Jul 24 Cotton is at 69.4, down 157 points,
Dec 24 Cotton is at 71.29, down 85 points,
Mar 25 Cotton is at 72.64, down 79 points
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