Cotton Futures Edge Lower at Week’s Start

Cotton prices are down 3 to 6 points so far on Monday morning. Futures posted mixed trade at the Friday close, with front months down 51 to 60 points and deferreds up 8 to 11 points. December closed the week with a 156 point gain. Crude oil was down $2.17 per barrel on the session, with the US dollar index $0.253 lower.

Following last week’s US/China meeting, China dropped tariffs on several US goods, but left cotton off the list.

CFTC Commitment of Traders data showed managed money cutting 16,293 contracts from their net long position in the week of September 22, taking it to 81,610 contracts.

The Seam reported sales of 164 bales on Thursday at an average of 78.01 cents/lb. The Cotlook A index was steady on September 24 at 93.25. ICE certified cotton stocks were unchanged on 9/24, with the certified stocks level at 29,556 bales. The Adjusted World Price was down 283 points on Thursday to 66.09 cents/lb.

Oct 26 Cotton closed at 78.91, down 60 points, currently unchanged.

Dec 26 Cotton closed at 82.71, down 60 points, currently down 6 points.

Mar 27 Cotton closed at 85.49, down 57 points, currently down 4 points.

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