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Cotton Facing Outside Pressure on MondayCottonfutures are feeling the weight of negative outside market influences, as contracts are down 89 to 98 points at midday. The outside markets continue to pressure the market, with crude oil down $2.22/barrel and the US dollar index back up 555 points on the day. Commitment of Traders data from CFTC shows specs in cotton futures and options at a net short of 10,917 contracts as of 11/5, a 268 contract addition on the week. The Seam reported 2,681 bales of online sales on November 8 at an average price of 69.63 cents/lb. ICE cotton stocks were unchanged on Friday, leaving 174 bales of certified stocks. The Cotlook A Index was up 135 points on 11/8 at 83.35 cents/lb. The USDA Adjusted World Price (AWP) was down another 58 points last week to 57.96 cents/lb in Thursday afternoon’s report. Mar 25 Cotton is at 72.36, down 89 points, May 25 Cotton is at 73.61, down 98 points, Jul 25 Cotton is at 74.84, down 92 points On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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