Cotton futures posted gains of 3 to 45 points on Friday, with a weekly gain of 215 points for May. The US dollar index was $0.337 higher at $100.045. Crude oil saw some late session buying up $6.68 on the day to $101.16.
Export Sales data now has the 9.556 million RB of combined cotton sales and shipments as of 3/19, down 7% from a year ago. That is 85% of the USDA export projection and lags the 98% average sales pace.
Spec funds trimmed another 6,757 contracts from their net short position as of Tuesday, taking it to 33,448 contracts.
March Intentions data is expected to show cotton acreage at 9.229 million acres according to a Reuters survey of analysts, which would be slightly below last year.
The Seam showed 6,389 bales sold on March 26 at an average of 64.16 cents/lb. The Cotlook A Index was up 65 points on Thursday at 78.85 cents. ICE certified cotton stocks were unchanged on 3/26, with the certified stocks level at 114,665 bales. The Adjusted World Price was raised by 25 points on Thursday to 54.47 cents/lb.
May 26 Cotton closed at 69.46, up 5 points,
Jul 26 Cotton closed at 71.7, up 18 points,
Dec 26 Cotton closed at 74.02, up 38 points
Source: barchart.com