Cotton Firm and Mixed on Friday

Front month cotton futures came back from midday lows and ended the session within a dime on either side of UNCH. July and October futures were 2 and 7 points higher, while Dec through May ’21 closed 4 to 7 points lower. The USDA’s holiday delayed Export Sales report noted 44,641 RBs of cotton sold on the week ending 05/21. That was down 65% wk/wk and 85% below the same week last MY. Of the week’s sales, 58,556 RBs were to China. China has committed to 3.172m RBs for the MY so far, which is 19% of the U.S. total 2019/20 cotton commits. Total MY shipments were up to 11.08m RBs through week 43, which is 11% above last year’s pace, and 84% of last year’s total with 11 weeks left. In the weekly update from CFTC, managed money funds were less short on May 26. The wk/wk change came via both new buyers and closed shorts. The report showed cotton spec traders were 6,859 contracts net short, down from 9,684 last week. The week’s sales through Thursday on The Seam were 2,168 bales at a wtd average price of 49.88 cents/lb. The 05/28 Cotlook A index was UNCH at 66.15c/lb. FSA’s AWP is 47.48 cents/lb, and the LDP for the week is 4.52 cents/lb.

Jul 20 Cotton closed at 57.59, up 2 points,

Oct 20 Cotton closed at 57.27, up 7 points

Dec 20 Cotton closed at 57.48, down 6 points

Mar 21 Cotton closed at 58.48, down 4 points

--- provided by Brugler Marketing & Management




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