Front month futures traded in a 154 point range on the day, but were 10 to 16 points lower at the close. December futures were at a net 22 point loss for the week, after setting highs not seen since August.
The weekly Commitment of Traders update had cotton spec traders switching shorts to longs during the week that ended 7/28. The 10.5k fewer shorts and 13.4k new longs extended the groups net long to 29,284 contracts. Commercial cotton traders added 25.8k new short hedges which left the group 86,428 contracts net short.
NOAA’s updated 7-day QPF has TX, OK, KS, AR, LA, and MS all remaining dry for another week. GA, AL, and the Carolinas will see some limited precip of less than 1/2”.
USDA’s weekly Cotton Market Review had 12,456 bales sold at spot for the week, averaging 81.79 cents/lb. The season’s total spot sales reached 775,610 bales compared to 1.625 million last year. The online cotton tradin platform, The Seam, reported 2,544 bales were sold for an average price of 76.21 cents. The Cotlook A Index was another 80 points higher to 98 cents/lb on 7/27. The AWP was raised 356 points to 69.74 cents/lb.
Dec 23 Cotton closed at 84.26, down 12 points,
Mar 24 Cotton closed at 84.41, down 16 points,
May 24 Cotton closed at 84.45, down 10 points
Source: barchart.com