Cotton Closes with Triple Digit Loss

Pre-weekend profit taking left front month cotton 183 to 253 points lower. The hard selling on Friday left Dec futures 30 points below last Friday’s close, erasing a week of gains. In USDA’s Weekly Cotton Market Review, the average spot price for cotton on the week ending Aug 6 was 59.28 cents/lb. That was 2.55 cents higher wk/wk, with a full range of 58.01 c/lb to 59.77. the Commitment of Traders report with data from the week ending August 4, showed cotton spec traders were 31,335 contracts net long. That was an increase of 5,700 wk/wk from short covering. Sales reported on The Seam through Thursday were 55,649 bales at a wtd av price of 57.3 cents/lb. The Cotlook A index was 70.85 cents/lb on Aug 6, a 50 point bump. The updated AWP for cotton is 49.44 cents/lb. The week’s new LDP is 2.56 cents/lb.

Oct 20 Cotton closed at 61.88, down 253 points,

Dec 20 Cotton closed at 62.36, down 249 points

Mar 21 Cotton closed at 63.19, down 230 points

May 21 Cotton closed at 63.87, down 202 points

--- provided by Brugler Marketing & Management

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