Cotton futures retreated on Friday, with contracts sliding between 41 and 137 points across the board, while July contracts saw a steeper drop of 240 points. Market pressure was exacerbated by a stronger US dollar index, which rose $0.643 to reach $100.025, and a $2.79 decline in crude oil prices.
According to weekly CFTC data, speculative funds reduced their net long positions in cotton futures and options by 1,798 contracts as of June 2, bringing their total position to 52,402 contracts.
Latest USDA Export Sales data reports 11.33 million RB of cotton export business, a slight 1% decrease compared to the same period last year. This figure represents 101% of the USDA’s export projection, though it remains 8 percentage points below the historical norm. Shipments currently stand at 8.883 million RB, or 79% of the estimate, aligning closely with the 80% average pace.
The Seam reported sales of 475 bales on June 4 at an average price of 70.29 cents/lb. Meanwhile, the Cotlook A Index remained unchanged at 87.50 cents on Thursday. ICE certified cotton stocks fell by 4,592 on June 4, leaving the total at 250,429 bales. The Adjusted World Price also dipped another 29 points on Thursday to 63.20 cents/lb.
July 26 Cotton closed at 73.75, down 114 points.
December 26 Cotton closed at 77.48, down 101 points.
March 27 Cotton closed at 78.8, down 101 points.
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