Cotton futures saw gains of 120 to 130 points on Friday with December up 261 points on the week. Crude oil was up 21 cents per barrel, with the US dollar index $0.308 lower.
Friday afternoon’s Commitment of Traders report showed managed money spec funds in cotton futures and options adding 9,869 contracts to their net long in the week ending on Tuesday to 62,279 contracts.
Export Sales data updated on Thursday showed old crop cotton commitments at 11.976 million RB as we rounded out the marketing year. That was 1% above the same period last year and 102% of the USDA forecasted export total. New crop business is at 3.12 million RB, wich is 43.33% ahead of the same pace from last year.
The Seam reported 72 bales sold on the 8/6 sale, with an average price of 67.75 cents. The Cotlook A Index was up 50 points on August 6 to 93.50 cents. ICE certified cotton stocks were steady on Wednesday, with the certified stocks level at 84,632 bales. The Adjusted World Price was raised by 163 points on Thursday to 66.29 cents/lb.
Oct 26 Cotton closed at 83.22, up 126 points,
Dec 26 Cotton closed at 84.4, up 124 points,
Mar 27 Cotton closed at 86.18, up 129 points
