Cotton Slipping Into Shortened Week
Nasdaq Cotton is starting off the post-Labor Day trade with triple digit losses of near 200 points. Prices ended the week 103 to 213 points in the black. Dec settled just 5 points off the session high, after having seen 90 cents for the first time since August of last year. Dec finished the week with a net 264 point gain. Through the month of August, Dec futures saw a 558 point range and a net 310 point gain.
The weekly CFTC report had managed money firms rolling out of shorts and into new longs for cotton during the week that ended 8/24. The 5k fewer shorts and 6.2k new longs left the group at 38,403 contracts net long their strongest position since September 2022. Commercial cotton traders added 7.5k new short hedges during the week, taking their net short to 88,934 contracts.