Cotton #2 Futures PricesFri, Jul 29th, 2016
Latest Brugler Cotton #2 Report
Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.
Cotton futures recorded gains of 65 to 114 points on Friday, with the Dec16 contract up 136 points on the week. The cotton market was strongly supported on Friday by the significant weakness in the US Dollar Index. According to its weekly report, the CFTC showed managed money held a net long position of 67,524 contracts as of the settle on July 26. This was a week over week increase to the net long position of 4,258 contracts. Indian cotton production is predicted to grow to 29.6 million 480 lb bales in 2016/17 according to the World Bank’s Commodity Markets Outlook, up from its estimate of 27 million 480 lb bales last year. The current USDA forecast calls for production of 27.5 million 480 lb bales this year up from its estimate of 26.8 million 480 lb bales in 2015/16. The Cotlook A Index was 50 points lower to 84.85. ICE reported that there were 110,652 certified bales in storage warehouses on July 28, with 3,006 decertified bales. The USDA AWP for the upcoming week was pegged at 65.50, up from 65.28 last week. The LDP through next Thursday is thus still zero.
InsideFutures Softs News