Cotton Closes with Midweek Gains

Cotton futures closed the Wednesday session with contracts up 25 to 30 points in the front months. Crude oil futures were up 71 cents per barrel at the close at $58.96, with the US dollar index $0.578 lower to $98.620.

Commitment of Traders data for the week ending on November 10 showed managed money cutting 3,453 contracts from their net short position to 60,329 contracts. 

Tuesday’s online auction from The Seam showed sales of 6,299 bales at an average price of 59.38 cents/lb. The Cotlook A Index was down another 25 points on 12/9 at 73.70 cents. ICE certified cotton stocks were steady on December 9 with the certified stocks level at 13,971 bales. The Adjusted World Price was updated last week to 51.28 cents/lb last week, up 51 points from the previous week.

Mar 26 Cotton  closed at 64.12, up 26 points,

May 26 Cotton  closed at 65.17, up 25 points,

Jul 26 Cotton  closed at 66.16, up 25 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.