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You are here: Home / Not Books / Cotton Snapshot – For Week Ending: 6/13/2014

Cotton Snapshot – For Week Ending: 6/13/2014

Cotton Snapshot – For Week Ending: 6/13/2014
 Notes
What is there to say this week?  The week ended up a bit higher as volume fades from July into December. By Friday, July open interest had fallen to 50,865 with open interest for December up to 114,891.  Meanwhile, the July-Dec spread stubbornly remains with  a cliff of over 900 points, pointing toward more future cotton and looking like the July contract may not go away quietly.
USDA raised US production by half a million bales while lowering Chinese imports to 8 million bales, all of which looks to help the bears.

Price
July ended the week at:  86.98
December ended the week at:  77.75
News
ICE Certified Cotton Stocks = 417,920
US Net Export Sales of 74,700 RB for 2014/2015 were reported.
Current World Balance Sheet (2014/2015)
Beginning Stocks: 99.0 (million 480 lb. bales)
Production: 115.9
Supply: 214.9
Mill Use:  112.3
Ending Stocks:  102.7
Stocks/Use Ratio:  91.5%
Current USA Balance Sheet (2014/2015)
Beginning Stocks:  2.7 (million 480 lb. bales)
Production: 15.0
Supply:  17.7
Mill Use:  3.7
Ending Stocks: 4.3
Stocks/Use Ratio:  32.1%
Commitments of Traders
                                                                   Long            Short
Producer / Merchant:                                  24,699          101,098 (contracts)
Swap Dealers:                                            52,850          5,390
Managed Money:                                        45,557          21,752
Other:                                                        17,256          13,505
View
Bearish

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Filed Under: Not BooksTagged With: #TheCottonClubLetter

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