Friday`s buying and selling pulled cotton futures lower back 278 to 543 factors after Thursday`s triple digit bounce. The vintage crop July agreement changed into the weakest at the day, however held above the Thursday low. July cotton went domestic 293 factors below final Friday`s settle, and December changed into 281 factors decrease wk/wk.
CFTC statistics from the week that ended 5/17 confirmed cotton speculative buyers have been three,041 contracts much less internet lengthy to 67,686. That changed into particularly fueled with the aid of using the finances ultimate current longs. Commercial cotton buyers lightened their internet quick thru the week, as the brand new stop consumer hedges outweighed the elevator hedges. The organization changed into 2,four hundred contracts much less internet quick to 115,1/2 contracts.
USDA`s weekly Cotton Market Review confirmed 2,398 bales have been bought at some stage in the week that ended 5/19 for a mean fee of 142.three cents/lb. The Cotlook A index changed into four cents weaker to 163 c/lb on 5/19. USDA the cotton AWP to 143.24 cents/lb, up 242 factors from final week. It is in impact thru subsequent Thursday.
- Jul 22 Cotton closed at 142.27, down 543 factors,
- Dec 22 Cotton closed at 125.18, down 304 factors,
- Mar 23 Cotton closed at 120.84, down 309 factors.
