Cotton futures increased by 45 to 66 points on Friday, with July contracts rising 348 points, reflecting a positive trend in the market. The Commitment of Traders report revealed that cotton speculators reduced their net short positions by 2,946 contracts, totaling 48,085 by June 24.
The Weekly Export Sales data indicated that total cotton export bookings were at 11.696 million running bales (RB), representing 109% of the USDA’s projection but below the 115% average. A Bloomberg survey anticipates that Monday’s Acreage report will show 9.7 million cotton acres planted this spring.
Current market prices include July cotton at 67.52 cents, October cotton at 68.8 cents, and December cotton at 69.32 cents. Meanwhile, ICE cotton stocks decreased by 9,641 bales, with certified levels at 51,495 bales as of June 26.
