Cotton #2 Futures PricesFri, May 22nd, 2015
Latest Brugler Cotton #2 Report
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Cotton futures were down mostly 10 to 50 points on the day. July cotton lost 3.54 cents on the week, or nearly 5.6%. Weakness in the Euro supported the US Dollar Index today, which added nearly another 900 points on the session. Accumulated cotton exports are at 82% of the full year forecast, a couple points ahead of the 5yr avg for this date. Total commitments are 105% of the current USDA projection, also a couple points ahead of normal. USDA put the AWP at 52.00, resulting in an LDP of 0.00 for the week ending May 28. USDA also opened up import quota #15. The quota will be established on May 28, 2015, allowing importation of 14,667,427 kilograms (67,367 bales) of upland cotton into the US. Weekly COT data from the CFTC showed managed money accounts are still net long cotton futures and options, but they cut their net position by about 13.8% from the previous Tuesday.
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