Cotton Pushes Higher off Lows into the Weekend

Cotton futures closed Friday with contracts pushing higher, up 7 to 40 points on the session. December was up 128 points this week. Crude oil is down 57 cents per barrel on the session, with the US dollar index $0.699 higher.

Commitment of Traders data from CFTC showed managed money trimming back another 3,042 contracts from their net long in the week of 11/3 to 53,148 contracts.

USDA’s Export Sales data has total cotton export commitments at 5.942 million RB as of October 29, which was up 20% from last year. That is 51% of the USDA export projection and lags the 58% 5-year average pace. 

The Seam reported 2,010 bales sold on November 5, at an average of 73.10 cents/lb. The Cotlook A index was up 100 points on 11/5 at 89.90. ICE certified cotton stocks were up 458 bales on Thursday, with the certified stocks level at 67,174 bales. The Adjusted World Price was down 94 points on Thursday to 63.57 cents/lb. 

Dec 26 Cotton  closed at 79.11, up 40 points,

Mar 27 Cotton  closed at 82.79, up 24 points,

May 27 Cotton  closed at 84.35, up 29 points