AM cotton futures are up by 20 points into the new week of trading. The front month cotton futures finished 0.5% to 1.8% higher on the last trade day of the week. The old crop futures again led the way, leaving the March contract at a net 264 point gain for the week and a 373 point premium to Dec.
FAS Export Sales data had 420k RBs of cotton sold during the week that ended 1/11. That was a 60% increase from the week prior led by sales to China. Cotton commitments were 9.06m RBs, compared to 8.86m at the same time last year.
The Commitment of Traders report on Friday showed the speculative community still very ambivalent about cotton. The managed money crowd was net short 2,016 contracts going home on January 16, after having added 4,856 net longs during the reporting week.
The Seam confirmed 22,023 bales were sold for an average gross price of 78.54 cents/lb. ICE certified stocks were 1,949 bales as of 1/17. The Cotlook A Index remained at 91.65 cents/lb for 1/17. The Adjusted World Price for cotton is 65.47 cents/lb via the FSA’s update. That is up 51 points vs the previous week.
Mar 24 Cotton closed at 83.95, up 144 points, currently up 21 points
May 24 Cotton closed at 84.89, up 150 points, currently up 20 points
Jul 24 Cotton closed at 85.32, up 136 points, currently up 21 points
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