International Cotton Markets

21-Dec-2024 08:19 AM

International Cotton Markets
Weekly Performance:
ICE Cotton Futures: Closed 11-18 points higher on Friday, but March cotton fell by 121 points this week.
External Markets: US dollar index dropped 592 points; crude oil gained $0.13 per barrel.
Cotton Ginnings Data:
December 1-15: 1.748 million running bales (RB) ginned.
Marketing Year Total: 11.425 million RB, a 13% increase from last year.
CFTC Commitment Data:
Net Short Positions:
7,034 contracts on 12/17.
Increased to 29,257 contracts by Tuesday.
Export Sales Data:
Shipments: 2.411 million RB, down 15% from last year (23% of USDA export forecast vs. 27% average).
Commitments: Shipped and unshipped commitments total 7.207 million RB, 11% below last year.
Additional Market Updates:
SIM Sales: 7,902 bales sold online on December 19 at 58.15 cents/lb.
ICE Stocks: Unchanged at 20,113 bales (Thursday).
Cotlook A Index: Fell 50 points to 78.35 cents/lb (December 19).
USDA AWP: Reduced by 113 points to 55.09 cents/lb, valid until next Thursday.
Conclusion:
While the cotton market saw modest improvements, concerns persist due to slow export growth and increasing net short positions in the futures market.