Cotton futures fell significantly on Friday, with December contracts dropping 491 points for the week, closing at 81.15 cents per pound. The decline in cotton prices ranged from 79 to 103 points across the front months, influenced by a broader downturn in commodities, including a $2.38 decrease in crude oil prices.
As of September 10, export commitments for cotton reached 4.5 million running bales, which is 13% ahead of the five-year average, but at 39% of the USDA’s export forecast, it lags behind the typical 48% pace. The CFTC reported that managed money reduced their net long position by 2,267 contracts, bringing the total to 97,903 contracts as of September 15.
The Cotlook A index registered a decline of 25 points on September 17, settling at 94.35, while ICE certified cotton stocks remained stable at 36,617 bales. The Adjusted World Price also experienced a downward adjustment of 59 points, priced at 68.92 cents per pound.
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