The cotton market ended the last trade day of the week with 45 to 62 point old crop gains and 6 to 10 point new crop gains. That had March at a net 274 point gain for the week and Dec at a net 130 point gain.
The weekly Commitment of Trader’s report showed managed money traders were closing cotton shorts during the week that ended 1/30. That raised their net long by 4k to 28,647 contracts.
StoneX announced their estimate for Brazil’s 22/23 final cotton output as 3.33 MMT, which would be a 5% increase yr/yr.
USDA’s weekly Cotton Market Review had 30,988 bales sold for the week with an average price of 81.35 cents/lb. The Cotlook A Index was 130 points lower to 93.55 cents/lb on 1/29. The AWP increased by 217 points to 67.64 cents for the coming week. ICE certified stocks were only 999 bales as of 1/26, with the March contract delivery period just a few weeks away.
Mar 24 Cotton closed at 87.11, up 62 points,
May 24 Cotton closed at 88.15, up 51 points,
Jul 24 Cotton closed at 88.7, up 45 points
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