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Cotton futures were down 9 to 174 points on Friday. July was down 577 points this week as December was 329 points lower. Crude oil was back down $1.40/bbl to $70.52. The US dollar index was back down $0.043 at $101.150.
The NOAA 7-day QPF shows very little precip expected in TX over the next week, with the Gulf stretching to GA looking at limited totals. The 8-14 day outlooks shows slightly above normal odds for precip.
The annual June acreage report will be released on Tuesday, with traders surveyed by Bloomberg looking for 9.6 million cotton acres planted this spring.
Managed money was increasing their net long in cotton futures and options by 3,309 contracts in the week of 6/23, taking it to 38,445 contracts.
The Seam reported sales of 569 bales at 68.44 cents/lb on Thursday. The Cotlook A Index was down 250 points on June 25 at 85.05 cents. ICE certified cotton stocks were down 2,197 bales on Wednesday with the certified stocks level at 187,250 bales. The Adjusted World Price was back up 151 points on Thursday afternoon at 63.88 cents/lb.
Jul 26 Cotton closed at 71.66, down 174 points,
Dec 26 Cotton closed at 76.38, down 59 points,
Mar 27 Cotton closed at 77.74, down 55 points
