Cotton futures are mixed at midday, trading anywhere from down 9 points to 9 points higher. The dollar index is up 122 points, while crude oil futures have fallen $1.25 per barrel.
Rains expected in the Southeast over the next week from Tropical Storm John may put a temporary halt to some cotton harvesting activities.
Large managed money speculators in cotton futures and options have significantly reduced their net short positions. As of September 17, they slashed 18,974 contracts from their previous net short position and currently hold a net short of 30,518 contracts as of Tuesday.
According to The Seam, there were 1,333 online cash cotton bale sales on Friday, averaging 69.43 cents per pound. ICE cotton stocks remained unchanged on September 20, with 265 bales of certified stocks available.
The Cotlook A Index rebounded by 175 points on September 20, reaching 84.55 cents per pound. Additionally, the USDA Adjusted World Price (AWP) was raised by 283 points last Thursday to 58.83 cents per pound, a rate that remains effective through this Thursday.
Cotton futures prices for nearby contracts are as follows:
– December 2024 Cotton: 73.43 cents/lb, down 9 points
– March 2025 Cotton: 75.17 cents/lb, up 3 points
– May 2025 Cotton: 76.25 cents/lb, up 9 points
On the date of publication, Austin Schroeder did not hold any positions, directly or indirectly, in any of the securities mentioned in this article. All information and data provided herein are for informational purposes only.
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https://www.nasdaq.com/articles/cotton-mixed-midday-0