Cotton Futures Mixed Amid Crude Oil Price Decline

Cotton futures showed varied performance by midday on Monday, with contracts fluctuating between a 17-point increase and an 8-point decrease. Crude oil prices faced downward pressure, dropping $1.30 as OPEC+ announced an additional increase of 411,000 barrels per day scheduled for June. Additionally, the US dollar index decreased by $0.100, settling at 99.740.

Commitment of Traders Data

Data released on Friday revealed that the Commitment of Traders report indicated a total of 11,206 contracts reduced from the speculative net short position, bringing the total to 26,231 contracts by Tuesday.

Cotton Auction Results

In the recent online auction on May 2, The Seam reported sales of 1,133 bales at an average price of 60.17 cents per pound. Meanwhile, the Cotlook A Index declined by 25 points on Friday, settling at 77.25. Certification levels for ICE cotton stocks remained unchanged on May 2, totaling 14,577 bales. USDA’s Adjusted World Price (AWP) increased by 6 points last week, currently at 54.94 cents per pound, effective through this Thursday.

Cotton Contract Updates

May 25 Cotton is trading at 70.35, reflecting a rise of 17 points. Meanwhile, Jul 25 Cotton stands at 68.33, down by 8 points. Lastly, Dec 25 Cotton is at 69.88, up 17 points.

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