Cotton Rallying the Limit on Monday
Cotton futures are posting limit gains of 300 points across the front months on Monday. The dollar index is down 485 points so far, with crude oil futures up just $1.11/barrel.
The large managed money speculators were adding 6,827 contracts to their net short position as of 9/10 to 49,492 contracts.
The Seam ported 546 online cash cotton bale sales on Thursday, averaging 62.64 cents/lb. ICE cotton stocks were unchanged on September 13, leaving 265 bales of cert stocks. The Cotlook A Index was up 85 points on September 13 at 81.95 cents/lb. The USDA Adjusted World Price (AWP) was slashed by 127 points on Thursday afternoon 56 cents/lb. It is good through next Thursday.
Dec 24 Cotton is at 72.82, up 300 points,
Mar 25 Cotton is at 74.24, up 300 points,
May 25 Cotton is at 75.22, up 281 points
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions 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.