Strong Gains in Cotton Futures Amid Mixed Market Conditions

Cotton futures have seen gains ranging from 84 to 103 points on Monday. In broader market trends, the US dollar index has declined by 547 points, and crude oil futures are down by $2.09 per barrel.

Increased Cotton Ginnings Reflects Growth

Data from the National Agricultural Statistics Service (NASS) reveals that a total of 2.157 million running bales (RB) of cotton were ginned in the first two weeks of November, bringing the marketing year total to 6.852 million RB. This marks a significant increase of 20% compared to the same time last year.

Traders Adjust Positions

According to Friday’s Commitment of Traders report, short speculators significantly increased their net short positions, adding 22,136 contracts as of November 19, bringing their total to 35,987 contracts.

Sales and Stock Data Overview

The Seam reported 7,084 bales sold online on November 22 at an average price of 63.99 cents per pound. Meanwhile, ICE cotton stocks remained stable on Friday at 13,274 bales of certified stocks. The Cotlook A Index noted a rise of 25 points on November 22, reaching 80.95 cents per pound. Conversely, the USDA Adjusted World Price (AWP) was decreased by 229 points last Thursday to 55.91 cents per pound.

Current Cotton Prices

Mar 25 Cotton: at 71.8, up 103 points,
May 25 Cotton: at 72.86, up 97 points,
Jul 25 Cotton: at 73.84, up 84 points

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.