Cotton Market Up As Much as 74 Points This Morning

Cotton futures are trading 13 to 74 points higher this morning with nearby July much stronger than the rest of the months. Cotton closed 89 to 247 points lower on Friday. The stock market was higher all 5 days last week on expectations for a Fed rate cut and was also higher overnight. The equity rally is sucking hot money away from commodities, but does suggest stronger demand in the future. The Cotlook A index for June 5 was down 25 points from the previous day to 79.60 cents/lb. The Forward A was 50 points lower at 76.85. The weekly Average World Price (AWP) from USDA is now 61.51 cents/lb through next Thursday. The Commitment of Traders report showed that the large spec funds reduced their net short in cotton by 7,399 contracts in the week ending June 4. That put them net short -27,805 contracts.

--provided by Brugler Marketing & Management

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