Cotton Futures End Week on a Higher Note

Alan Brugler Barchart Fri Aug 9, 2024
cotton on stem by Mykola Kolya Korzh via Unsplash

Cotton prices had 89 to 106 point gains at midday, and expanded those a little bit on Friday afternoon. Futures settled 83 to 130 points higher, led by nearby October and December. The US dollar index futures dropped 65 points on the day as Treasuries rallied and the lower interest rates made the US a slightly less attractive place for the hot money to park over the weekend. 

Friday afternoon, CFTC reported managed money spec funds were net short 52,204 contracts of cotton futures and options at close of business on August 6. That was 5,583 more bearish than the previous week.  Commercials also net short 7,882 contracts, leaving the index funds and small non-reportables as the only longs in the market. 

ICE cotton stocks were unchanged on August 7, leaving 18,721 bales of cert stocks. The Cotlook A Index rose 50 points on August 8 to 79.20 cents/lb. The USDA Average World Price (AWP) was raised by 130 points on Thursday afternoon to 55.24 cents/lb and is good through next Thursday.

Dec 24 Cotton  closed at 68.34, up 110 points,

Mar 25 Cotton  closed at 69.68, up 95 points,

May 25 Cotton  closed at 70.91, up 92 points


On the date of publication, Alan Brugler 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.