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Cotton Rallying to Start Short WeekCotton futures are coming out of the Monday holiday with contracts down 75 to 122 points at midday. Outside factors are providing some support, with crude oil up $1.08/barrel and the US dollar index down 253 points. Managed money speculators in cotton futures and options added 8,058 contracts to their net short position as of 5/21. As of the Tuesday reporting period, they were net short 23,372 contracts, the largest in nearly 14 months. The Seam reported 620 bales sold on the platform on May 24 at an average price of 80 cents/lb. ICE certified cotton stocks were back up 621 bales on May 24 at 193,426 bales. The Cotlook A Index was up 225 points on May 24 at 90.85 cents/lb. The AWP was 62 points to 60.08 cents/lb and is good through Thursday. Jul 24 Cotton is at 81.56, up 104 points, Dec 24 Cotton is at 79.1, up 109 points, Mar 25 Cotton is at 80.59, up 107 points On the date of publication, Alan Brugler 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. For more information please view the Barchart Disclosure Policy here. |
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