Cotton futures are experiencing weakness on Monday, with contracts down 110 to 139 points at midday following a larger than expected acreage report from the USDA. As of June 24, spec traders reduced their net short position by 2,946 contracts to 48,085, according to the Friday afternoon Commitment of Traders report.
The USDA’s Acreage report revealed that 10.12 million cotton acres were planted this spring, surpassing trade expectations of 9.735 million and the March Intentions number of 9.867 million. The Seam reported 3,134 bales sold in a recent online auction at an average price of 65.21 cents, while ICE cotton stocks fell by 6,385 bales to a certified level of 45,110 bales as of June 27.
As for cotton contracts, July 25 is at 67.52 (up 45 points), October 25 at 67.7 (down 110 points), and December 25 at 67.93 (down 139 points).
