Cotton futures posted 84 to 103 point losses on Friday, amid some outside market pressure. March was down 182 points on the week. December cotton futures expire today. The outside markets were pressure factors, with the US dollar index up 249 points and crude oil back down $1.13/barrel lower.
Weekly Commitment of Traders data showed managed money trimming another 3,618 contracts from their net short in cotton futures and options as of 12/3. They took that net position to 16,383 contracts as of last Tuesday.
Export Sales data showed 2024/25 upland cotton shipments totaling 2.145 million RB for the marketing year, 13% below last year and just 20% of the full year USDA export forecast (24% normally). Commitments, including shipped and unshipped sales, are 6.859 million RB, a 13% drop from last year. That is 65% of USDA’s number, behind the 71% average export sales pace.
The Seam reported 7,693 bales of online sales on December 5 at an average price of 68.01 cents/lb. ICE cotton stocks up 1,189 bales on Thursday, at 14,463 bales of certified stocks. The Cotlook A Index was steady on 12/5 at 81.60 cents/lb. The USDA Adjusted World Price (AWP) was raised by 21 points this week to 57.74 cents/lb.
Mar 25 Cotton closed at 70.11, down 99 points,
May 25 Cotton closed at 71.35, down 103 points,
Jul 25 Cotton closed at 72.41, down 93 points
