Front month cotton futures are working near their highs for Monday at midday with 96 to 102 point gains for old crop. New crop futures are also trading higher and near their highs, though futures are limited to 30 point gains so far.
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 Cotlook A Index was 15 points weaker on 1/19 to 91.95 cents/lb. 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 AWP for cotton is 65.47 cents/lb through Thursday.
Mar 24 Cotton is at 84.92, up 97 points,
May 24 Cotton is at 85.91, up 102 points,
Jul 24 Cotton is at 86.29, up 97 points
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