By admin       2018-05-12

ICE cotton futures spent most of the week moving lower, most notably with the exceptions of follow through buying last Sunday evening and a late session rally on Friday, despite a WASDE report that many (including us) took as supportive to bullish, if not puzzling. Additionally, export data for the week ending May 3 positively sparkled. In the end, data suggested that specs simply wanted to book some profits ahead of a weekend that harbors a chance for some rain and showers across portions of West Texas. The July and Dec contracts gave back 228 and 33 points on the week, respectively. Still, Dec settled above the 80.00 level, with the contract touching 81.50 on Monday. The old crop/new crop straddle weakened significantly to an inversion of 438 points. Total net export sales against the current marketing year were near unchanged Vs the previous sales period at around 200K running bales. Shipments were higher at 516K running bales. Total sales against the marketing year to commence on Aug 1 now stand at a running total of more than 4M 480lb bales. Not too shabby.

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