Front month cotton futures ended the Friday session off their lows, but still 6 to 19 points in the red. Dec futures closed 78.6% of the way back down from the June low to August high. Dec ’24 cotton was 3 points higher on Friday, and finished the week with a net 208 point loss compared to the 476 point loss for spot Dec. The Dec/Dec spread is still inverted by 75 points.
Commitment of Traders data showed managed money spec traders were 2,667 contracts less net long to 25,057. Commercial cotton traders closed 10.8k hedges during the week that ended 10/31, that lightened up their net short by 3,199 contracts to 58,285.
USDA reported 809,452 bales of upland cotton was classed this week and 9,770 bales of pima. That had the all cotton season total at 3.407m bales, compares to 4.123m bales last year.
The weekly Cotton Market Review from USDA showed 10,167 bales were sold at spot during the week for an average price of 76.73 cents/lb. The Cotlook A Index for Friday was 130 points weaker to 91.3 cents/lb. USDA’s FSA reduced the AWP for cotton by 61 points to 68.11 cents/lb.
Dec 23 Cotton closed at 79.62, down 18 points,
Mar 24 Cotton closed at 82.12, down 12 points,
May 24 Cotton closed at 83.18, down 16 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.