**Cotton and Crude Oil Market Update – February 26, 2023**
Cotton futures experienced a 25-point increase across nearby contracts on February 26, with March cotton closing at 63.61 cents/lb., May at 65.61 cents/lb., and July at 67.32 cents/lb. For the week, however, May cotton saw a decrease of 2 points while December gained 40 points. In crude oil, futures rose by $2.08, reaching $67.29 per barrel.
Recent data revealed that U.S. cotton export commitments totaled 8.75 million running bales, down 9% from last year, accounting for 78% of the USDA’s full marketing year export projection. In a separate report, the Commitment of Traders data showed a reduction of 14,140 contracts from the spec fund net short position, bringing the total to 65,368 contracts. Additionally, ICE certified cotton stocks remain steady at 119,457 bales.
