Cotton futures closed out the week with losses of 10 to 13 points on Friday, but December still managed to hold onto a gain of 126 points for the week. Crude oil futures also saw a slight dip of 21 cents per barrel, while the US dollar index dropped to $98.210.
Weekly CFTC data revealed that spec traders in cotton futures and options reduced their net short position by a total of 7,626 contracts, leaving them net short 38,464 contracts as of July 15.
On Thursday, The Seam reported sales of 385 bales at an average price of 68.25 cents/lb. The Cotlook A Index remained unchanged at 79.30 on July 17. ICE cotton stocks experienced 1,144 decertifications on 7/17, with certified stocks sitting at 23,481 bales. The USDA’s Adjusted World Price (AWP) saw a slight increase to 54.72 cents/lb on Thursday.
In terms of specific cotton futures prices, Oct 25 Cotton closed at 67.12, down 13 points, while Dec 25 Cotton closed at 68.68, down 12 points. Mar 26 Cotton closed at 69.98, down 10 points.
It is important to note that on the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data provided in this article is for informational purposes only. This article was originally published on Barchart.com.
Overall, despite some pullback on Friday, cotton bulls made significant strides throughout the week, showing resilience in the face of market fluctuations.
