Cotton prices are up 58 to 63 points so far on Monday morning. They had 89 to 106 point gains at midday, and expanded those a little bit on Friday afternoon. Futures settled 83 to 130 points higher, led by nearby October and December. The US dollar index futures dropped 65 points on the day as Treasuries rallied and the lower interest rates made the US a slightly less attractive place for the hot money to park over the weekend.
Friday afternoon, CFTC reported managed money spec funds were net short 52,204 contracts of cotton futures and options at close of business on August 6. That was 5,583 more bearish than the previous week. Commercials also net short 7,882 contracts, leaving the index funds and small non-reportables as the only longs in the market.
ICE cotton stocks were unchanged on August 7, leaving 18,721 bales of cert stocks. The Cotlook A Index rose 50 points on August 8 to 79.20 cents/lb. The USDA Average World Price (AWP) was raised by 130 points on Thursday afternoon to 55.24 cents/lb and is good through next Thursday.
Dec 24 Cotton closed at 68.34, up 110 points, currently up 61 points
Mar 25 Cotton closed at 69.68, up 95 points, currently up 62 points
May 25 Cotton closed at 70.91, up 92 points, currently up 60 points
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