Cotton Futures Down to Begin Monday

Cotton futures are down 18 to 100 points this Monday morning. They pulled back from intraday highs, but futures still closed higher on Friday. Old crop prices ended the session 99 to 108 points higher, and new crop prices ended up by 60 to 75 points. USDA’s cash average price for cotton was a penny lower to 68 cents/lb.  

The weekly data release from CFTC showed cotton spec traders were 51,982 contracts net long on 4/6. That was down 2,153 contracts wk/wk.

USDA’s April WASDE shrank carryout to 3.9 million. Globally, cotton carryout was 1.13m bales tighter to 93.46 million. Exports were 940k bales higher which slightly reduced the U.S. market share to 34.63%.

USDA’s weekly cotton market review showed 7,787 bales were sold at spot for an average selling price of 74.97 cents/lb. The Cotlook A index for 4/8 was 25 points higher at 86.60 cents/lb. USDA’s new AWP for cotton for the week is 67 points lower at 64.92 cents/lb.

May 21 Cotton  closed at 82.4 on Friday, now down 100 points,

Jul 21 Cotton  closed at 83.74, now down 98 points,                  

Dec 21 Cotton  closed at 81.78, down 48 points this morning

Market Commentary provided by:

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