Cotton Extends Rally into New Week

Cotton futures are trading 63 to 106 higher this morning amid broad risk off buying interest. They pulled back on Friday, with triple digit losses for old crop. Despite the 131 point drop for May on Friday, the contract was still 1.31 cents higher from Friday to Friday. New crop futures closed 54 to 63 points in the red, which for Dec limited the week’s gain to 75 points.

Managed money was reported at 50,086 contracts net long in cotton from the CFTC’s weekly update. That was a 1,896 contract reduction to their net long for the week ending 4/13, via long liquidation. The CoT report showed commercials were lifting hedges during the week, but only reduced their net short to 127,032 contracts.

The online cotton trading platform, The Seam, reported 7,509 bales sold through Thursday for a wtd ave price of 75.22 cents/lb. USDA’s weekly Cotton Market Review noted 9,132 bales were sold at spot for an average price of 78.25 c/lb. The Cotlook A index was 91.5 cents/lb for 4/15 after a 240 point increase. USDA’s AWP for cotton is 68.16 cents/lb, after a 3.26 cent bump this week.

May 21 Cotton  closed at 83.71, down 131 points,

Jul 21 Cotton  closed at 85.03, down 123 points,

Dec 21 Cotton  closed at 82.53, down 55 points




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