Cotton Market 50 to 80 Higher After Holiday Break

Cotton futures are trading 50 to 83 points higher this morning. They saw gains of 72 to 91 points in the front months on Friday. The US dollar was down on the day, with crude oil back up 72 cents/barrel. The dollar is stronger this morning. July cotton was up 3.64% last week. The CFTC Commitments report released on Friday indicated the large specs in cotton futures and options increasing their net short position by 12,258 contracts. That put them net short a record 37,086 contracts on May 21. USDA data shows cotton export shipments at 70% of USDA’s projected total, with the average pace at 78%. Including the unshipped sales, total commitments are 107% of that projection, with the average pace at 101%. The Cotlook A index for May 23 was down 55 points from the previous day to 77.75 cents/lb. The weekly Average World Price (AWP) is now 59.37 cents/lb, down 14 points from last week.

--provided by Brugler Marketing & Management




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