Cotton futures settled with gains of 101 to 170 across the front months, as a few deferreds were up 72 to 98 points. Outside markets were supportive, with the US dollar index down 834 points and below $101. Crude oil futures were up $1.96/barrel to help via the synthetic market.
The Friday afternoon Commitment of Traders report showed a 2,391 contract addition to their net short position as of August 20 to 51,845 contracts.
Export Sales data showed upland cotton export commitments improving to 4.306 million as of August 15. That is down 17% from a year ago and just 38% of USDA’s full year export forecast, compared to the 50% average pace.
ICE cotton stocks were down 3,354 bales on August 22, leaving 9,413 bales of cert stocks. The Cotlook A Index was up 100 points on August 22 at 81.65 cents/lb. The USDA Average World Price (AWP) is 55.90 cents/lb for the next week through Thursday, up 55 points from the week prior.
Dec 24 Cotton closed at 70.91, up 157 points,
Mar 25 Cotton closed at 72.28, up 142 points,
May 25 Cotton closed at 73.38, up 133 points
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