Cotton futures were steady to 7 points lower in the front months on Friday, as March was 85 points lower this week. Crude oil futures were up $1.95 per barrel at $61.31. The US dollar index was down $0.871 to $97.305.
USDA Export Sales data showed 412,457 RB of cotton sold in the week ending on January 15, a marketing year high. Vietnam was the largest buyer of 220,700 RB, with 38,600 RB sold to Bangladesh. Export shipments were 187,776 RB, also a marketing year. The top destination was Vietnam at 62,300 RB, with 45,900 RB headed to Pakistan.
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Commitment of Traders data showed managed money in cotton futures and options adding 1,580 contracts to their net short position as of Tuesday, taking it to 51,952 contracts.
NASS Cotton Ginnings data showed 732,950 RB of cotton ginned from Jan 1 to Jan 15, taking the marketing year total to 12.695 million RB.
The Thursday online auction from The Seam showed sales of 62.43 cents/lb on 16,726 bales. The Cotlook A Index was unchanged on January 22 at 74.55 cents. ICE certified cotton stocks were unchanged on 1/22 with the certified stocks level at 10,422 bales. The Adjusted World Price was updated to 50.99 cents/lb on Thursday afternoon, down 18 points from the week prior.
Mar 26 Cotton closed at 63.81, down 7 points,
May 26 Cotton closed at 65.48, down 1 point,
Jul 26 Cotton closed at 66.97, unch
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.
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