Cotton futures rose by 15 to 25 points on Wednesday, December 23, while crude oil futures increased by 15 cents per barrel, reaching $58.52. The U.S. dollar index also saw a slight boost, up $0.007 to $97.620. Markets will be closed on December 24 for Christmas, with an early close expected on December 22.
As of the week ending December 11, cotton export commitments totaled 6.183 million running bales, 14% lower than the previous year and 54% of the USDA projection. The CFTC reported a net short position in cotton futures and options rose by 180 contracts to 54,833. The Adjusted World Price was updated to 49.99 cents per pound, a decline of 40 points from the prior week.
In recent auction results, 24,874 bales of cotton sold at an average price of 59.80 cents per pound. The Cotlook A Index decreased by 20 points to 73.50 cents, while ICE certified cotton stocks dropped by 796 bales to a total of 11,600.
