Cotton Futures Start Week in Negative Territory

Cotton futures are 7 to 32 points lower to start the new week. USDA will release prospective planting acreage alongside NASS’s Quarterly Grain Stocks on Wednesday. Most estimates are either matching or below last year, but debate continues about whether the sell off since the PI data was collected (mostly Mar 1-10) will lead to fewer actual acres. Cotton bears cashed out ahead of the weekend, taking profits and reversing some of the limit loss seen Thursday. Futures closed 189 to 194 points higher nearby. New crop prices ended the session 209 to 229 points in the black. For the week, May futures plunged 430 points.

The weekly data release from CFTC showed cotton spec funds were 59,191 contracts net long on 3/23. That was down 462 contracts for the week,  mostly via long liquidation.

USDA’s weekly Cotton Market Review cited 3,641 bales were sold at spot in the week that ended 3/25. The average selling price was 78.13 c/lb. The Cotlook A index for March 25 was down another penny to 88.50 cents/lb. USDA’s FSA lowered the AWP for cotton by 2.9 cents on Thursday to 68.55 cents/lb.

May 21 Cotton  closed at 80.38, and down 13 points this morning,

Jul 21 Cotton  closed at 81.41, but giving back 11 points,

Dec 21 Cotton  closed at 78.74 on Friday, and are down 7 points this am




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