Cotton Holding Gains at Midday


Monday’s cotton session has futures near their highs for the day into the midday prints with old crop up by triple digits. New crop futures are also gaining 30 to 40 points for midday. The lead month finished the month of March a net 8.2 cents/lb in the red after setting new highs in Feb. 

Commitment of Traders data showed spec funds in cotton futures and options holding a net long position of 84,468 contracts as of March 26. That was a 5,054 contract reduction from the week previous. 

NASS surveys found 10.673 million acres are intended for cotton planting this season. That was a 443k acre increase from last year, and compares to the 11.3 million expected. Each pre-report survey response had acreage up yr/yr, though the March number was at the low end of estimates. 

The Cotlook A Index was back down by 235 points to 95.60 cents/lb on 3/28. USDA’s weekly Cotton Market Review had 7,069 bales sold during the week for an average price of 85.19 cents/lb. USDA’s FSA lowered the week’s Adjusted World Price of cotton by 162 points to 70.88 cents/lb. ICE certified stocks were shown at 52,224 bales as of 3/27. 

May 24 Cotton  is at 92.73, up 135 points,

Jul 24 Cotton  is at 93.29, up 132 points,

Dec 24 Cotton  is at 84.38, up 39 points

On 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 solely for informational purposes. For more information please view the Barchart Disclosure Policy here.