Cotton futures are anywhere from down 9 to 9 points higher at midday. The dollar index is up 122 points, with crude oil futures $1.25/barrel lower. Rains expected in the Southeast from tropical storm John over the next week may put a halt to some cotton harvest.
The large managed money speculators in cotton futures and options slashed 18,974 contracts from their previous net short position as of September 17. They held a net short of 30,518 contracts as of Tuesday.
The Seam reported 1,333 online cash cotton bale sales on Friday, averaging 69.43 cents/lb. ICE cotton stocks were unchanged on September 20, leaving 265 bales of cert stocks. The Cotlook A Index was back up 175 points on September 20 at 84.55 cents/lb. The USDA Adjusted World Price (AWP) was raised by 283 points last Thursday to 58.83 cents/lb. That is good through this Thursday.
Dec 24 Cotton is at 73.43, down 9 points,
Mar 25 Cotton is at 75.17, up 3 points,
May 25 Cotton is at 76.25, up 9 points
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