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Tuesday, March 21, 2023 6:29:40 PM
Cotton Closes In Black On Tuesday
By: Barchart | March 21, 2023
Cotton futures ended off their highs on Tuesday, but still went home in the black with help from a weaker US dollar. May cotton settled 131 points under its session high, but held on to a 63 point gain for the day. The other nearbys were up by 75 to 100 points at the bell.
CFTC reported Commitment of Traders data as of the 3/14 settle, showing that managed money had added 8,800 new shorts through the week. That extended the groups net short to 13,653 contracts. The commercial hedgers were both adding new longs and closing short hedges for a net 8,027 contract weaker net short. That had the group 24,678 contracts net short as of the 3/14.
NOAA’s 7-day QPF has more rainfall for the North MS/Al/GA. From Eastern OK through TN, NOAA sees 2 to 4” of rainfall this week. The soil moisture WMO from USDA’s Crop Explorer already has the region in 90-100% excessive soil moisture as cotton planting is just around the corner.
The 3/20 Cotlook A Index was 125 points lower to 92.30 cents. The week’s AWP for cotton is 68.58 cents/lb. ICE certified stocks were 1,661 bales as of 3/17.
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By: Barchart | March 21, 2023
Cotton futures ended off their highs on Tuesday, but still went home in the black with help from a weaker US dollar. May cotton settled 131 points under its session high, but held on to a 63 point gain for the day. The other nearbys were up by 75 to 100 points at the bell.
CFTC reported Commitment of Traders data as of the 3/14 settle, showing that managed money had added 8,800 new shorts through the week. That extended the groups net short to 13,653 contracts. The commercial hedgers were both adding new longs and closing short hedges for a net 8,027 contract weaker net short. That had the group 24,678 contracts net short as of the 3/14.
NOAA’s 7-day QPF has more rainfall for the North MS/Al/GA. From Eastern OK through TN, NOAA sees 2 to 4” of rainfall this week. The soil moisture WMO from USDA’s Crop Explorer already has the region in 90-100% excessive soil moisture as cotton planting is just around the corner.
The 3/20 Cotlook A Index was 125 points lower to 92.30 cents. The week’s AWP for cotton is 68.58 cents/lb. ICE certified stocks were 1,661 bales as of 3/17.
Read Full Story »»»
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