Cotton Reverting Higher to Begin September
Cotton prices are up 104 to 115 points across the front months on Tuesday. The dollar index is up 150 points, with crude oil futures down $3.14/barrel to add pressure.
Weekly data from CFTC showed managed money spec funds in cotton futures and options cutting 6,537 contracts from their net short as of August 27. By that Tuesday they were net short 45,308 contracts.
The Seam reported online cash sales of just 1,253 bales at an average price of 66.11 cents on Friday. ICE cotton stocks unchanged on August 30, leaving just 266 bales of cert stocks. The Cotlook A Index was back unchanged on September 2 at 81.20 cents/lb. The USDA Average World Price (AWP) was updated to 56.98 cents/lb for the next week through Thursday, up 108 points from the week prior.
Dec 24 Cotton is at 71.12, up 113 points,
Mar 25 Cotton is at 72.8, up 115 points,
May 25 Cotton is at 73.91, up 104 points
On the date of publication, Austin Schroeder 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 solely for informational purposes. For more information please view the Barchart Disclosure Policy here.