Cotton futures posted 16 to 26 point gains across most contracts on Friday, as July was up 56 points this week. Crude oil prices were up $1.43/barrel, closing in on $65, with the US dollar index back up $0.466 to $99.170.
The managed money crowd in cotton futures and options added 3,386 contracts to their large net short position of 46,605 contracts as of Tuesday June 3rd.
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USDA’s Export Sales data now has upland cotton sales at 11.525 million RB as of May 29, which is down 7% from last year, but still 111% of the USDA export forecast. That compares to the 112% 5-year average pace for this current week. Shipments have totaled 9.314 million RB, up 2% yr/yr and 90% if USDA’s expected number (vs. 81% on average).
Thursday’s auction from The Seam showed 1,660 bales sold at an average price of 66.20 cents/lb. The Cotlook A Index was down 75 points on 6/5 at 77.50. ICE cotton stocks were down 1,561 bales on June 5 via decertification, with a certified stocks level of 52,139 bales. USDA’s Adjusted World Price (AWP) was back down 8 points this week at 53.76 cents/lb.
Jul 25 Cotton closed at 65.62, up 26 points,
Oct 25 Cotton closed at 67.44, up 16 points,
Dec 25 Cotton closed at 68.21, up 23 points
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