Cotton Gains Triple Digits on Friday

At Friday’s closing bell, front month cotton futures 113 to 156 points stronger. For the week, December contracts gained 3.53% (2.42 cents). WTD cotton sales through Thursday on The Seam were 39,500 bales for a weighted average price of 66.92 cents. USDA’s weekly Cotton Market Review confirmed 55,843 bales were sold at spot this week, that was up from 22,630 LW and 36,236 LY. The average cash price for the week was also higher, up a penny on the week but 5.79 cents above the same week last year at 66.1 cents/lb. The Cotlook A index regained 50 points to 78.15 c/lb. The new Adjusted World Price for cotton from FSA was 13 points higher to 56.84 cents/lb, good through Thanksgiving. The Commitment of Traders report from CFTC showed a 1,529 contract reduction to managed money’s net long position. Cotton specs were still 57,565 contracts net long on 11/17 after the long liquidation. OI for commercials dropped 11% on the week to a 7 week low 200,590. That reduced the commercial net short 1,014 contracts on the week to 140,428.

Dec 20 Cotton is at 70.88, up 156 points,
Mar 21 Cotton is at 72.96, up 129 points
May 21 Cotton is at 73.79, up 122 points
Jul 21 Cotton is at 74.4, up 113 points

 --- provided by Brugler Marketing & Management 

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