Cotton Rallying to Begin the Week

Cotton - kelly-sikkema-8A7qKkvm_ew-unsplash

Cotton futures are recovering from last week’s continued drop, as contract are up 43 to 98 points on the day so far. That is in  spite of crude oil down $1.12 and a slightly stronger US dollar index.

Friday afternoon’s Commitment of Traders report showed spec fund longs with a mass exodus, as the net long position was down 18,556 contracts to 62,032 contracts as of last Tuesday.

The Seam reported 2,200 bales sold last Friday, at an average rice of 85.25 cents/lb. The Cotlook A Index was down another 180 points to 89.60 cents/lb on April 12. The AWP dropped another 405 points to 65.43 last Thursday and is good through next week.

May 24 Cotton  is at 83.05, up 43 points,

Jul 24 Cotton  is at 85.25, up 66 points,

Dec 24 Cotton  is at 80.71, up 60 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.