⛏Cotton Futures
COTTON
▲ PositiveSupplyrelevance
USDA raised production and ending stocks, but prices rallied anyway, indicating supply concerns are being shrugged off; spec funds added net longs.
Impact on assets 1
Others
Cotton prices are up 115 to 120 points early Monday, extending Friday's gains of 45 to 99 points. December cotton closed the week with a 442-point gain, shrugging off a production increase in the USDA's monthly WASDE report. That report raised new crop production by 400,000 bales to 13.7 million bales, lifting new crop ending stocks to 4.1 million bales, while old crop stocks were unchanged at 4.2 million bales. Managed money spec funds added 7,121 contracts to their net long in cotton futures and options, bringing the total to 39,106 contracts as of Tuesday. The Cotlook A Index fell 50 points to 89.75 cents, and ICE certified cotton stocks dropped 26,320 bales to 158,607 bales.
USDA raised production and ending stocks, but prices rallied anyway, indicating supply concerns are being shrugged off; spec funds added net longs.