Cotton Futures Decline Amidst Falling Crude Prices and Currency Weakness

Cotton futures are currently trading with losses ranging from 64 to 77 cents on Monday. Concurrently, crude oil futures have decreased by $1.73 per barrel, while the US dollar index has dropped $0.949 to 98.180.

Market Position and Trade Reports

Latest data from the CFTC Commitment of Traders indicates that speculative funds have increased their net short positions by 13,273 contracts as of April 15, bringing their total to 42,418 contracts.

The USDA’s Export Sales report indicates that a total of 201,990 running bales (RB) of cotton were sold for the week ending April 10. This brings the cumulative export commitment to 10.755 million RB, which represents 106% of the USDA’s export forecast and exceeds the average pace of 103%.

Cash Bale Transactions and Stock Updates

The Seam reported that 5,685 cash bales were sold online on April 17, with an average price of 62.50 cents per pound. As of Friday, the Cotlook A Index rose by 35 points to reach 77.60 cents per pound. On April 17, ICE cotton stocks remained stable at a certified level of 14,478 bales. Additionally, the USDA’s Adjusted World Price (AWP) increased by 33 points last Thursday, settling at 53.43 cents per pound.

Current Cotton Futures Prices

May 25 Cotton is priced at 65.59, down 73 points.

Jul 25 Cotton is priced at 66.36, down 77 points.

Dec 25 Cotton is priced at 67.8, down 64 points.

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All information and data contained herein are for informational purposes only. For more details, please refer to the Barchart Disclosure Policy here.

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