Cotton Slips Lower into the Long Weekend

Cotton futures posted Friday losses of 15 to 20 points at the close, as March held up for a 105 point gain on the week. Crude oil futures were down 3 cents per barrel on the day at $62.81. The US dollar index was down $0.067 to $96.770. The markets will be closed on Monday for President’s Day. 

USDA’s Export Sales data has 8.034 million RB of cotton export commitments, which is 12% below last year. That is 71% of USDA’s revised export projection, back from the 88% average pace.  

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CFTC data showed a total of 3,856 contracts added to the spec net short position in the week ending on 2/10. Managed money was net short 75,602 contracts as of Tuesday.

The Seam showed sales of 15,617 bales sold on 2/12, averaging 57.90 cents/lb. The Cotlook A Index was 25 points higher on Thursday at 73.55 cents. ICE certified cotton stocks were up another 3,808 bales February 12, with the certified stocks level at 106,040 bales. The Adjusted World Price was trimmed to 49.39 cents/lb on Thursday afternoon, down 39 points from last week.

Mar 26 Cotton  closed at 62.11, down 18 points,

May 26 Cotton  closed at 64.13, down 20 points,

Jul 26 Cotton  closed at 65.82, down 16 points

On the date of publication,

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