Cotton Bulls Hold Firm on Friday

Cotton futures posted Friday gains of 4 to 27 points in the front months, with deferred losses of 2 points. December was down 33 points on the week. Crude oil was up just 18 cents per barrel on the session, with the US dollar index $0.231 higher.

USDA’s Export Sales report showed 157,326 RB of cotton sales in the week ending on November 5, which was down 43.31% from last week and 46.15% shy of the same week last year. Vietnam was the buyer of 56,100 RB, with 26,400 RB sold to Turkey. Shipments were tallied at 171,424 RB, which was back up 26.42% from last week and a 26.14% increase from the same week last year. Shipments were the largest to 64,600 RB, with 19,700 RB to Bangladesh.

The Seam reported 2,903 bales sold on November 12, at an average of 75.66 cents/lb. The Cotlook A index was down 5 points on Thursday at 90.80. ICE certified cotton stocks were up 2,861 bales on 11/12, with the certified stocks level at 79,431 bales. The Adjusted World Price was back up 77 points on Thursday to 64.34 cents/lb. 

Dec 26 Cotton  closed at 78.78, up 11 points,

Mar 27 Cotton  closed at 82.61, up 10 points,

May 27 Cotton  closed at 84.3, up 9 points

On the date of publication, Austin Schroeder did not directly have a position 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.