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Cotton Bouncing at Midday
Cotton futures are up 59 to 86 points so far at Monday’s midday. Active December is leading the way up 86 points. The outside markets were mixed, with Crude Oil down 77 cents per barrel, with the US dollar index down 449 points, adding a little support. CFTC data released on Friday showed spec traders bailing out on another 26,641 contracts from their net long position as of 4/23. That bested the previous week for the largest bear move for a single week, and took their once large (less than a month ago) net long to just 9,501 contracts. Their net position has moved more than 70,000 contracts in 3 weeks, mostly on long liquidation, as shorts started to build in the last week. ICE certified cotton stocks were up another 2,166 bales on April 26 at 183,596 bales. The Cotlook A Index was unchanged on April 26 at 87.80 cents/lb. The AWP dropped another 85 points to 61.33 last Thursday and is in effect through this Thursday. May 24 Cotton is at 79.4, down 18 points, Jul 24 Cotton is at 81.66, up 76 points, Dec 24 Cotton is at 78.16, up 85 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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