Cotton futures are showing 84 to 103 point gains so far on Monday. The outside markets are mixed, as the US dollar index is down 547 points. Crude oil futures are down $2.09/barrel.
Cotton Ginnings data from NASS indicated a total of 2.157 million RB of cotton ginned in the first 2 weeks of November to the 15th, taking the marketing year total to 6.852 million RB. That is up 20% from the same point last year.
Friday’s Commitment of Traders report short specs adding a massive 22,136 contracts to their net short as of November 19 to 35,987 contracts.
The Seam reported 7,084 bales of online sales on November 22 at an average price of 63.99 cents/lb. ICE cotton stocks were unchanged again on Friday, at 13,274 bales of certified stocks. The Cotlook A Index was up 25 points on 11/22 at 80.95 cents/lb. The USDA Adjusted World Price (AWP) was lowered by 229 points last Thursday afternoon to 55.91 cents/lb.
Mar 25 Cotton is at 71.8, up 103 points,
May 25 Cotton is at 72.86, up 97 points,
Jul 25 Cotton is at 73.84, up 84 points
