Cotton Market Rebounds Overnight

Cotton futures are trading up to 160 higher in the July contract this morning, while the other months are 15 to 65 higher. July fell another 202 points Friday, dropping 7.2% for the week. Other contracts were 37 to 77 points lower on Friday. Friday’s Commitment of Traders report showed spec traders adding 144 contracts to their net short position of 30,385 contracts as of Tuesday. Total upland cotton export commitments are now 110% of USDA’s projection, compared to the 104% average, as shipments are behind normal pace (87%) at 80%. The Cotlook A index for June 20 was up 40 points from the previous day to 77.90 cents/lb. The weekly Average World Price (AWP) from USDA is now 59.14 cents/lb through Thursday, up 17 points from the previous week.

--provided by Brugler Marketing & Management

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