Cotton futures saw declines ranging from 8 to 56 cents across most contracts on Friday, with July futures down 319 points week-over-week and December down 258 points. The USDA’s Export Sales report shows total cotton export commitments at 10.994 million running bales (RB), which is 1% lower than last year and represents 98% of the USDA’s export projection.
As of May 19, managed money held a net long position of 62,045 cotton futures and options contracts after adding 2,475 contracts in the week. In related market activity, the Seam reported 962 sales at an average price of 75.27 cents per pound, while ICE certified cotton stocks rose by 3,746 bales to reach 213,969 bales. The Adjusted World Price decreased by 319 points, settling at 68.68 cents per pound. Markets will be closed on Monday for Memorial Day, with operations resuming on Tuesday.
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