Cotton futures experienced mixed results on Friday, April 21, with most front months dropping between 1 to 12 points, except for May, which increased by 20 points but was still down 40 points for the week. Speculative traders added 17,639 contracts to their bullish positions, bringing the total net long to 34,464 contracts, the highest level in nearly two years.
Export sales data revealed commitments at 10.58 million running bales (RB), marking a 2% decrease from last year’s figures at this time and accounting for 93% of the USDA’s export projection. The Seam reported 4,899 bales sold on Thursday at an average price of 71.79 cents per pound. As of April 23, the Cotlook A Index fell to 88.40 cents, and ICE certified cotton stocks remained unchanged at 165,681 bales. The Adjusted World Price rose by 365 points to 65.26 cents per pound.
