Alan Brugler – Barchart
Fri Jun 16,
Cotton bounced back some on Friday, but ended the day off the highs. July futures gained back 82 points on the day, but were still at a 258 point loss for the week.
December was down by 172 points for the week’s net move. Monday’s Juneteenth will keep futures activity on hold until the overnight open.
The CFTC reported long liquidation from the cotton spec traders during the week that ended 6/13. That reduced their net long by 3.5k contracts through the week to 557. The commercial traders closed positions on both sides, but only moved their net short by 1.8k contracts to 61k.
USDA’s weekly Cotton Market Review showed 3,088 bales were sold this week for an average price of 78.07 cents. The Cotlook A Index was down by 95 points to 91.8 cents for 6/15. The AWP for cotton was revised 238 points lower to 67 cents flat.
ICE Certified stocks for 6/13 were 17,918 bales.
Jul 23 Cotton closed at 81.46, up 82 points, Dec 23 Cotton closed at 80.1, up 50 points, Mar 24 Cotton closed at 80.2, up 49 points. (Source: Barchart.com)