Cotton Futures Fade into the Weekend
Cotton Futures Fade into the Weekend.
Cotton futures saw weakness extend to Friday, with contracts closing down 62 to 89 points on the day, with December down 291 points this week. Crude oil was up another $3.50 per barrel, with the US dollar index up 0.011.
Friday afternoon's Commitment of Traders report showed managed money spec funds in cotton futures and options adding another 10,578 contracts to their net long in the week ending on Tuesday to 49,684 contracts.
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Export Sales data shows old crop cotton commitments at 11.951 million RB as of July 9, which is 102% of the USDA export projection, and lagging behind the last few year. Shipments accumulated to 10.398 million RB are 88% of the USDA number, behind the 93% from last year at this time. New crop sales have reached 2.51 million RB.
The Cotlook A Index was up 70 points on Thursday at 90.65 cents. The Forward A was up 55 points at 92.35. ICE certified cotton stocks were unchanged on July 16 via decertification, with the certified stocks level at 98,838 bales. The Adjusted World Price was raised by 3.52 cents on Thursday to 65.37 cents/lb.
On the date of publication, Austin Schroeder 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. This article was originally published on Barchart.com
Sinergia Empresarial continuará el seguimiento de esta información sobre cotton Futures Fade into the Weekend y ampliará la cobertura conforme se confirmen nuevos elementos relevantes para el ecosistema empresarial.
