Cotton futures posted weakness on Thursday, as contracts were down 130 to 334 points at the close. Rains across much of cotton country was pressure for the market, as crop conditions are already off to a decent start. Due to the drop back into the 70 cent level, cotton price limits are back to 3 cents/lb. Outside factors are showing crude oil down $1.35/barrel, with the US dollar index down 350 points.
CFTC’s Cotton On-Call report showed a 3,331 contract drop to the unfixed call sales position as of 5/24 at 10,438. The total unfixed call sales position was up 86 contracts at 50,994 contracts. Unfixed call purchases were up 2,952 contracts to 80,831 in total.
ICE certified cotton stocks were down a massive 60,242 bales on May 29 at 133,448 bales. The Cotlook A Index was 170 points on May 28 at 91.30 cents/lb. The AWP was 62 points to 60.08 cents/lb and will be updated later today.
Jul 24 Cotton closed at 77.76, down 334 points,
Dec 24 Cotton closed at 76.51, down 159 points,
Mar 25 Cotton closed at 78.29, down 134 points
