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Cotton Slipping on Monday![]() Cotton futures are down 5 to 10 points across most contracts on Monday. Crude oil is down 25 cents per barrel to add some pressure via the synthetic fiber market. President Biden announced he would not run for re-election. The 7 day QPF forecast calls for rains over widespread rains from South Texas to Virginia, with up to 5” accumulations. Friday’s Commitment of Traders report showed the spec funds still net short 40,226 contracts of cotton futures and options at end of day on July 16. That was a net reduction of 223 contracts from the previous week. ICE cotton stocks were down 279 bales on July 19 from decertification, leaving 40,140 bales of cert stocks. The Cotlook A Index was back down 15 points on July 19 at 82.20 cents/lb. The USDA Average World Price (AWP) was raised 34 points on Thursday to 56.42 cents/lb. It is in effect through next Thursday. Dec 24 Cotton is at 70.65, down 5 points, Mar 25 Cotton is at 72.54, down 8 points, May 25 Cotton is at 73.93, down 7 points On the date of publication, Alan Brugler 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. For more information please view the Barchart Disclosure Policy here. |
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