Cotton
Cotton futures are trading 4 lower to 22 higher this morning after a mixed close on Friday. Nearby July saw a little light short covering overnight. July posted a loss of 5.03% on the week. The new AWP is 67.31 cents/lb through next Thursday, down 72 points from the previous week. China sold 18,900 MT of the 30,200 MT of cotton offered at an auction of state reserves on Friday. On the week they sold 91,200 MT of the 150,200 MT offered. The COT report showed managed money continuing to decrease their net long position in cotton futures and options by 11,012 contracts to 68,915 contracts as of Tuesday. This is the smallest net long position since mid-November 2016.



Market Commentary provided by:

Brugler Marketing & Management LLC
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