Cotton Off Overnight Highs into Day Trade

Cotton - jordan-jensen-RTDb00SNeKA-unsplash

Cotton traded higher into the day session but futures sit just 6 to 7 points in the black after fading 50 points from the overnight highs. After seeing a 110 point trading range from -30 to +80, cotton futures ended the midweek session with losses of 1 to 6 points. OI data from ICE suggests the December contract has just 93 active contracts, with ~789 deliveries so far.  

USDA reported 185,312 bales were classed on 11/28, for a WTD total of 521k bales. 

The Seam confirmed 11,937 bales were sold in that online market on 11/28, the largest single day sale since August 30. The average selling price from The Seam was 78.54 cents, a 1-month high. The Cotlook A Index was 155 points weaker to 89.45 for 11/28. The AWP for this week is 65.23 cents/lb, and will be updated by USDA this afternoon after the close. ICE certified stocks stand at 87,769 bales.  

 

Dec 23 Cotton  closed at 78.59, down 1 point, currently down 1 point

Mar 24 Cotton  closed at 79.59, down 1 point, currently up 8 points

May 24 Cotton  closed at 80.23, down 1 point, currently up 7 points


On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.