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Cotton futures posted gains of 44 to 170 points across the board on Friday, with May rallying 418 points on the week. The US dollar index was $0.045 higher at $98.070. Crude oil fell $9.12 on the day following Iran agreeing to open the Strait of Hormuz this morning.
Managed money flipped their net short by 18,845 contracts to a net long of 16,825 contracts in cotton futures and options, as of April 14, That was the first net long in nearly 2 years.
USDA Export Sales data from Thursday has export commitments at 10.409 million RB, which is down 1% from a year ago. That is also 92% of USDA’s number and lags the 100% pace from the last 5 years. Exports are 6.71 million RB, which is 60% of USDA’s number, which is behind the 62% average pace.
The Seam showed 4,014 bales sold on April 15 at an average of 74.94 cents/lb. The Cotlook A Index was 100 points higher on Thursday at 86.60 cents. ICE certified cotton stocks were steady on 4/16, with the certified stocks level at 162,367 bales. The Adjusted World Price was up another 287 points on Thursday at 61.61 cents/lb.
May 26 Cotton closed at 77.4, up 170 points,
Jul 26 Cotton closed at 79.82, up 169 points,
Dec 26 Cotton closed at 80.5, up 151 points
