Cotton futures experienced a significant rally on Friday, with December contracts climbing 370 points over the week and closing at 73.52 cents per pound, a rise of 49 points. Contributing factors included early week gains and recent weather forecasts predicting rain in the Texas panhandle that may disrupt harvesting activities.
As of September 17, managed money speculators reduced their net short positions by 18,974 contracts, leaving a net short of 30,518 contracts. In terms of export commitments, total cotton sales reached 4.871 million running bales (RB), marking an 11% decrease from last year and representing 44% of the USDA’s forecast for the 2024/25 marketing year. Meanwhile, the Cotlook A Index fell by 95 points to 82.80 cents per pound as of September 19.
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