Cotton Futures Rebound from Friday Sell Off

Cotton bulls are working hard to erase Friday losses, which came after hitting contract highs on Thursday. This morning, futures are up 55 to 61 points. At the close on Friday, front month cotton prices were 74 to 101 points in the red. USDA reported 292,355 RBs of cotton sold for export on the week ending 1/14. That was down 11% wk/wk, but 25% above the same week last year. Accumulated cotton commitments were 12,156m RBs as of 1/14. The weekly Commitment of Traders report showed cotton specs reduced their net long by 1,849 contracts. Large spec fund traders were still 67,853 contracts net long on January 19. USDA’s Cotton Ginnings data showed 13.454m RBs were ginned through Jan 15. That implies only 451,300 RBs were ginned since the last update – the lowest in 20 years for the Jan 1 - Jan 14 period. USDA’s weekly Cotton Market review showed 44,177 bales sold on the week ending 1/21. The average price was up 89 points on the week to 77.41 cents. The Cotlook A index was half a cent higher to 88.10 cents/lb. USDA’s AWP for cotton is 66.7 cents/lb. through Thursday.

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