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Cotton Sneaking Higher for Monday AM ReboundCotton prices are trading with 8 to 19 point gains so far. Futures fell lower Friday with contracts down 79 to 165 points on the session. December was down 5.89% last week. The outside markets continue to add more pressure, as the US dollar index was steady on the day, with crude oil futures the issue this time, down $1.74/barrel. Export Sales data from FAS showed 153,316 RB of cotton sold in the week of 11/7, which was a 5-week low. Turkey was the buyer of 41,500 RB, with Pakistan buying 40,000 RB. Shipments were 111,964 RB in that week, the lowest in the last 3 weeks. The top destination was Pakistan at 51,000 RB, with 14,000 RB to Mexico. Weekly Commitment of Traders data showed spec funds in cotton adding 2,934 contracts to their net short as of November 12 at 13,851 contracts. The Seam reported 445 bales of online sales on November 14 at an average price of 68.18 cents/lb. ICE cotton stocks were up 840 bales on new certifications on Thursday, at 12,064 bales of certified stocks. The Cotlook A Index was up 5 points on 11/14 at 81.35 cents/lb. The USDA Adjusted World Price (AWP) was back up 24 points last week to 58.20 cents/lb. Mar 25 Cotton closed at 68.91, down 219 points, currently up 8 points May 25 Cotton closed at 70.28, down 210 points, currently up 13 points Jul 25 Cotton closed at 71.51, down 206 points, currently up 12 points On the date of publication, Austin Schroeder 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. |
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