Cotton futures are showing 22 to 30 point gains so far on Monday’s midday. The outside factors are mixed, with crude oil futures up 77 cents/barrel and the US dollar index $0.311 higher on the day.
Friday’s CFTC Commitment of Traders report showed managed money cutting back 6,793 contracts from their net short in cotton futures and options as of March 18. The held a net short of 69,617 contracts by Tuesday.
The Seam showed another 1,614 bales in online sales on 3/21 at an average price of 59.29 cents/lb. The Cotlook A Index was down 25 points on Friday at 78.25 cents/lb. ICE cotton stocks were steady again on March 21, with the current level of certified stocks at 14,488 bales. Last week’s update to the USDA’s Adjusted World Price (AWP), saw an increase of 87 points on Thursday afternoon to 54.63 cents/lb.
