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Cotton futures rise into end of month as export data tops USDA view
ICE certified cotton stocks held at 90,699 bales, while export business reached 12.032 million RB, or 102% of the USDA projection.
Cotton futures settled higher on Friday, with contracts finishing the session up between 53 and 112 points, and December cotton closing the week with a 181 point gain, according to Yahoo Finance’s market wrap based on Barchart data.
The report said the Commitment of Traders showed managed money spec funds cutting back 799 contracts to their net long position in cotton futures and options to 52,410 contracts for the week ending Tuesday.
Export sales data totaled 12.032 million RB, which is 102% of the USDA export projection, while accumulated shipments were 10.908 million RB, or 93% of the USDA number and behind last year’s 96% shipping pace.
On the price and supply side, the Cotlook A Index fell another 100 points to 88.75 cents, adjusted world price rose 84 points to 64.66 cents per lb, and ICE certified stocks were unchanged at 90,699 bales.