Cotton Weakness Leaking into Midday
Cotton futures are pulling back into the midday portion of the Tuesday session, with contracts down 4 to 24 points. Crude oil prices are back down 72 cents on the day, with the US dollar index $0.460 higher to $99.470.
Money Managers in cotton futures and options added back 10,951 contracts to their net short position as of May 21. That net short stood at 40,039 contracts by Tuesday.
The Cotlook A Index was down 50 points on Friday at 78.25. ICE cotton stocks were steady on May 23, with a certified stocks level of 42,240 bales. USDA’s Adjusted World Price (AWP) was down 38 points on Thursday afternoon at 53.52 cents/lb.
Jul 25 Cotton is at 65.87, down 24 points,
Oct 25 Cotton is at 68.35, down 8 points,
Dec 25 Cotton is at 68.59, down 4 points
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. For more information please view the Barchart Disclosure Policy here.