Cotton Market Mostly 18 to 48 Higher To Begin Week

Cotton futures are trading mostly 18 to 48 points higher this morning. The exception is nearby October, down 11. December cotton a five day loss of 6.29% last week, with most contracts 26 to 58 points lower on Friday. The Commitment of Traders report on Friday showed spec funds pushing their record net short position to 41,727 contracts in the week that ended on 7/9, a bearish nudge of another 4,062 contracts. Thursday’s WASDE update showed USDA trimming their projected 19/20 cash average by another penny to 63 cents/lb. The CFTC Cotton On-Call report showed December unfixed call sales of 32,320 contracts for mills, with unfixed call purchased of 38,945 contracts for December. The Cotlook A index for July 10 was up 50 points from the previous day at 74.80 cents/lb. The weekly AWP is 58.05 cents/lb.

--provided by Brugler Marketing & Management

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