Cotton #2 Futures PricesFri, Jul 31st, 2015
Latest Brugler Cotton #2 Report
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Cotton futures closed 35 to 80 points higher this afternoon. Managed money accounts decreased their net long position by 997 contracts as of the Tuesday close. The CFTC report shows they have a net long position of 46,214 contracts. The Cotton Association of India has Indian cotton production unchanged at the US equivalent 31.25 million bales for 14/15 (USDA: 29.50 million 480 lb bales). Stocks are not being disposed of as quickly as projected, with a sizeable amount to be unsold at the end of the marketing year (September 30). The Cotlook A Index is off 60 points to 70.90, and the Forward A Index is taking a sharp drop, down 200 points to 71.75. ICE reported that there are 112,358 certified bales in stock, with 3,823 decertified bales. There are currently no new certs and no bales awaiting review. On Thursday night, USDA set the AWP at 49.54 and increased the LDP/MLG to 2.46 cents through August 6.
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