Cotton Pushing Higher on Wednesday Morning

Cotton price action is up 10 to 17 cents so far on Wednesday. Futures saw Tuesday gains of 20 to 25 points across most contracts, with in delivery Dec up 99 points. Crude oil futures are down 73 cents per barrel at $58.11 on the day, with the US dollar index $0.322 lower to $99.750.

Commitment of Traders data, still delayed from to the government shutdown, showed spec funds in cotton futures and options adding another 5,017 contracts to their now record net short position as of 10/14 to 81,343 contracts.

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Export Sales data for the week ending on October 9 showed 157,636 RB of cotton sales, below the week prior. Shipments were 139,250 RB, which was 11.71% below the previous week.

The November 24 online auction from The Seam showed 6,094 bales sold at an average price of 61.47 cents/lb. The Cotlook A Index was unchanged on Monday 21 at 74.10 cents. ICE certified cotton stocks were steady on 11/24 with the certified stocks level at 20,344 bales. The Adjusted World Price was updated to 50.80 cents/lb last week, down 103 points from the previous week. It is into effect through Thursday.

Dec 25 Cotton  closed at 62.43, up 99 points, currently unch

Mar 26 Cotton  closed at 64.23, up 23 points, currently up 17 points

May 26 Cotton  closed at 65.43, up 20 points currently up 13 points

On the date of publication, Austin Schroeder 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. This article was originally published on Barchart.com