Cotton futures closed the Friday session with contracts falling back 70 to 81 points on the day. May closed the week slipping 210 points since last Friday. The outside factors were mixed, with crude oil futures up 30 cents/barrel and the US dollar index $0.293 higher on the day.
Cotton export commitments for the 2024/25 marketing year to 10.225 million RB, which is down 5% from last year. It is also 99% of USDA’s export projection for the full year, on par with the average sales pace.
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Friday’s CFTC Commitment of Traders report showed managed money cutting back 6,793 contracts from their net short in cotton futures and options as of March 18. The held a net short of 69,617 contracts by Tuesday.
The Seam showed another light sales total on Thursday at just 285 bales sold online at an average price of 49.08 cents/lb. The Cotlook A Index was steady on 3/20 at 78.50 cents/lb. ICE cotton stocks were steady again on March 20, with the current level of certified stocks at 14,488 bales. The weekly update to USDA’s the Adjusted World Price (AWP), saw an increase of 87 points on Thursday afternoon to 54.63 cents/lb.
May 25 Cotton closed at 65.27, down 81 points,
Jul 25 Cotton closed at 66.79, down 78 points,
Dec 25 Cotton closed at 68.66, down 70 points
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