The cotton market is trading mixed through midday after a gap lower at the Sunday evening’s open. Futures are within 10 points of UNCH and higher for the March and the new crop contracts.
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.
The Cotlook A Index for 2/2 was 115 points higher at 95.25 cents. USDA’s weekly Cotton Market Review had 30,988 bales sold for the week with an average price of 81.35 cents/lb. The AWP is 67.64 cents. 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 is at 87.19, up 8 points,
May 24 Cotton is at 88.16, up 1 point,
Jul 24 Cotton is at 88.6, down 10 points
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