Cotton futures posted a stronger Tuesday trade, with contracts closing 40 to 45 points higher. Crude oil futures were 46 cents per barrel higher at $58.47. The US dollar index was back down $0.364 to $97.590.
The Tuesday Export Sales catch up release showed 304,689 RB of cotton sold in the week of December 11, a marketing year high and the largest since February. Shipments improved to 134,371 RB, a 5-week high.
CFTC’s updated commitment of Traders report showed a total of just 180 contracts added to the managed money net short in cotton futures and options in the week of 12/16 to a net short of 54,833 contracts.
The 12/22 online auction from The Seam showed sales of 12,794 bales at an average price of 59.15 cents/lb. The Cotlook A Index was up 40 points on December 22 at 73.70 cents. ICE certified cotton stocks were down 796 bales via decertification on Monday with the certified stocks level at 11,600 bales. The Adjusted World Price was updated last Thursday to 49.99 cents/lb, a 40 point drop from the previous week.
Mar 26 Cotton closed at 64.01, up 40 points,
May 26 Cotton closed at 65.2, up 42 points,
Jul 26 Cotton closed at 66.27, up 42 points
