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Cotton futures experienced losses on Friday, with December contracts down 54 points, closing at 66.29 cents per pound, while Oct 25 and Mar 26 closed at 64.94 and 68.28 cents respectively. The US dollar index rose by $0.334 to reach $97.305, and crude oil futures fell by $0.93.
As of September 16, managed money trimmed their net short positions in cotton futures and options by 9,844 contracts, bringing the total to 59,061 contracts. USDA reported a total upland cotton export business of 3.973 million RB, an 18% decrease from the previous year, representing 36% of the USDA’s projection, lagging behind the average sales pace of 52%.
The Cotlook A Index decreased by 45 points to 78.65 cents on September 18, while USDA’s Adjusted World Price increased by 69 points to 54.79 cents per pound. ICE cotton stocks were reported at 15,474 bales on September 18.
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