The week ending Friday, March 11 saw the most active May’22 ICE cotton contract gyrate sideways before ending the week with an upward burst (see chart above courtesy of Barchart.com).  The May contract settled Friday at 121.03 cents per pound, up 417 points on the day. Chinese and world cotton prices were mixed over the week.

Outside global concerns (Ukraine and Russia) continued to weigh on many financial markets, although U.S. export sales were remain strong.  ICE cotton futures open interest eroded across the week.  The regular Tuesday snapshot (through March 8) showed evidence of net liquidation with 4,914 fewer hedge fund longs, week over week, matched up against 415 more index fund longs.  There were also 71 fewer hedge fund shorts, week over week.  Other agricultural futures saw more gradual up-trends on the week, except for KC wheat which declined. The U.S. dollar index stepped lower and then partially recovered in a gradual uptrend.

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