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Cotton futures extend losses, December contract drops this week
Cotton managed money increased its net long position by 10,578 contracts in the week ending Tuesday, even as December futures declined 291 points for the week.
Cotton futures weakness extended into Friday, with contracts settling down 62 to 89 points on the day. December futures were down 291 points over the week as the broader move unfolded into the weekend, according to Yahoo Finance.
Friday's Commitment of Traders data showed managed money spec funds in cotton futures and options added 10,578 contracts to their net long position during the week ending Tuesday, lifting net longs to 49,684 contracts.
Export-related figures remained mixed: old crop cotton commitments were 11.951 million RB as of July 9, or 102% of the USDA export projection, while shipments totaled 10.398 million RB, 88% of the USDA number and behind the 93% level from last year at this time. New crop sales reached 2.51 million RB, with the Cotlook A Index up 70 points to 90.65 cents on Thursday and the Adjusted World Price raised 3.52 cents to 65.37 cents per lb.
ICE certified cotton stocks were unchanged on July 16 via decertification, with certified stocks at 98,838 bales. Forward A rose 55 points to 92.35, while crude oil was up another $3.50 per barrel and the US dollar index rose 0.011.
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