Cotton Nears Limit Losses on Friday

Cotton futures posted sharp 260 to 296 point losses in the front months, down 7.93% in Dec on the week. This came a day after President Trump announced he plans to add a 10% tariff on the remaining $300 billion of Chinese goods. Census trade data released on Friday morning showed 1.687 million bales of US cotton shipped in June. That was the largest shipment total since June 2007, and 18.57% above 2018. CFTC indicated the large managed money spec funds backing off their record net short position by 1,439 contracts in the week that ended on July 30. They took that net short position to 43,791 contracts on that date. The Cotlook A index for August 1 was up 50 points from the previous day at 74.80 cents/lb. The new weekly AWP is 56.96 cents/lb, down 89 points from the week prior.

OCT 19 Cotton closed at 59.1, down 274 points,

DEC 19 Cotton closed at 59.41, down 296 points

MAR 20 Cotton closed at 60.73, down 283 points

MAY 20 Cotton closed at 62.07, down 260 points

--provided by Brugler Marketing & Management




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