Cotton price action is easing lower on Monday, with contracts down 10 to 20 points. Futures rounded out the week with losses of 10 to 13 points on Friday. December was still up 126 points on the week. Crude oil futures were back down 21 cents per barrel, with the US dollar index down $0.236 to $98.210.
Weekly CFTC data showed a total of 7,626 contracts cut from the net short position among spec traders in cotton futures and options. The collective group was net short 38,464 contracts as of July 15.
The next week is looking at dryness for much of Texas, with some of the Southeast forecast to receive 1 to 2 inches, with amounts rising towards the Gulf.
The Seam showed sales of 385 bales on Thursday, with an average price of 68.25 cents/lb. The Cotlook A Index was unch at 79.30 on July 17. ICE cotton stocks saw 1,144 decertifications on 7/17, with the certified stocks level at 23,481 bales. USDA’s Adjusted World Price (AWP) was up a tick on Thursday at 54.72 cents/lb.
