Cotton Up Triple Digits for Weekend

Front month cotton futures go into the weekend with a triple digit Friday gain. Old crop futures closed the last trade day of the session 275 to 287 points higher. New crop futures closed 99 points to 155 points in the black. Dec contracts were up 2.9% on the week.

CFTC’s weekly Commitment of Traders report showed net new cotton buying from managed money during the week ending 4/20. Spec funds extended their net long by 1,806 contracts to 51,892 contracts. Commercial OI dropped 4,890 contracts during the same week, for a net 1,972 contract reduction to their net short – now at 129,004 contracts.

USDA’s weekly Cotton Market Review showed 5,810 bales were sold for the week through 4/22. The average spot price was 80.94 cents/lb, compared to 78.25 c/lb LW and from 49.75 cents from the same week in 2020. The Cotlook A index was a penny higher at 92.20 cents/lb for 4/21. USDA’s FSA raised the AWP for cotton by 2.33 cents to 70.49 cents/lb.  

May 21 Cotton  closed at 87.51, up 287 points,

Jul 21 Cotton  closed at 88.8, up 275 points,

Dec 21 Cotton  closed at 84.93, up 118 points

Market Commentary provided by:

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