Cotton Lower at Closing Bell

After Friday’s trading, cotton futures were down 45 to 89 points. July to Dec carry is 20 points, down 44 points from yesterday. In CFTC’s weekly update, managed money was shown at 9,684 contracts net short. That was 5,324 contracts less net short wk/wk as there was short covering and net new buying. On net cotton spec trader OI was down 2,458. Through Thursday, there were 4,031 bales sold on The Seam. USDA’s weekly cotton report noted 7,312 bales sold at spot for the week ending 05/21. The average spot price for the week was up 1.08 cents to 53.88 c/lb. in the Weekly Cotton Market review, USDA reported heavy wind and 1/4” hail may have damaged some young cotton plants in West TX. The 05/21 Cotlook A index was down a penny to 66.35c/lb. The updated AWP for the week is 48.01 cents/lb, and the LDP is 3.99 cents/lb.

Jul 20 Cotton closed at 57.61, down 45 points,

Oct 20 Cotton closed at 57.51, down 86 points

Dec 20 Cotton closed at 57.81, down 89 points

Mar 21 Cotton closed at 58.73, down 74 points

--- provided by Brugler Marketing & Management

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