Front-month cotton futures ended the last trading day of the week 19 to 63 points higher. Dec closed the week 160 points higher, but still 11.08 cents from September’s high. Red Dec futures were 110 points higher on the week, and are now at a net 71 point discount to spot futures.
Managed funds firms added shorts in cotton during the week ended 11/14, according to Traders Commitment data. That flipped the group from 8.7k net long to 5,899-contract net short. Commercial traders closed hedges in almost equal order. With 35k fewer hedges in place, the net short was 504 contracts weaker at 45,517.
USDA’s weekly Cotton Market Review showed that 18,040 bales were sold locally during the week, averaging 73.79 cents/lb. The total sale of the season was marked at 148,028 bales, compared with 57,375 last year.
The Cotlook A Index was 15 points lower at 90.90 cents/lb. The new AWP is 64.23 cents/lb. ICE certified stock for 11/16 was 86,868 bales.
December 23. Cotton closed at 78.92, up 24 points,
March 24 Cotton closed at 81.51, up 63 points,
24 May Cotton closed at 82.19, up 56 points
As of the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. For more information, please see Barchart’s Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.