The cotton market settled the Friday session with another triple digit loss. Dec was nearly a penny off the daily low, but was still 2.2% weaker for the day and 4.3% lower for the week.
CFTC data showed managed money cotton traders closed 11k longs and added 3.3k new shorts during the week that ended 10/17. That reduced the spec fund group’s net long to 33,343 contracts. Commercials also closed 11k shorts and added 5.7k new long hedges for the week, leaving the group at a 76,541 contract net short.
USDA’s weekly classings report showed 505k bales were classed for the week for a season total of 1.87 million. That compares to 2.3m bales at this time last year.
The week’s Cotton Market Review had 7,676 bales sold for an average price of 79.65 cents/lb. The season’s total sales was marked at 108.7k bales, from 33k last year. The Cotlook A Index was steady at 95.25 cents/lb on 10/13. The updated AWP for cotton is 124 points lower at 69.82 cents. Certified stocks were shown at 58,785 bales for 10/19.
Dec 23 Cotton closed at 82.4, down 187 points,
Mar 24 Cotton closed at 84.53, down 165 points,
May 24 Cotton closed at 85.68, down 160 points