Cotton futures experienced varied trading on Friday, with July closing at 72.94 cents per pound, a gain of 45 points, while December closed at 76.42 cents, up 6 points. Despite these increases, July remains down 81 points for the week and December down 106 points. In related commodities, crude oil prices fell by $3.50 to $84.21 per barrel.
As of Tuesday, the Commodity Futures Trading Commission (CFTC) reported that managed money reduced their net short position in cotton futures and options by 10,198 contracts, bringing the total to 42,204 contracts. USDA’s latest export sales report indicates old crop cotton commitments reached 11.541 million running bales (RB), representing 101% of the updated USDA export projection, with shipments at 9.183 million RB, or 80.3% of the estimate.
In additional market movements, the Adjusted World Price decreased by 194 points to 61.26 cents per pound as of Thursday. ICE certified cotton stocks fell by 90 bales to 192,699 bales, while The Seam online auction reported sales of 1,071 bales at an average price of 63.24 cents per pound.
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