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You are here: Home / Not Books / Cotton Snapshot – For Week Ending: 6/20/2014

Cotton Snapshot – For Week Ending: 6/20/2014

Cotton Snapshot – For Week Ending: 6/20/2014

Chart:  barchart.com

Notes

What is there to say this week?  The week ended up a bit lower with July explosively kicking towards its last few weeks of life. That was just a beautiful little short squeeze this week in July, wasn’t it?  July open interest has fallen to 7,762 contracts with open interest for December up to 123,938.  The July-Dec spread is back up to 1100 points.  Planting report showed 95% complete, compared to 83% last week. Cotton conditions report showed 51% as good or excellent, compared to 50% last week, and 42% last year.  We are not there quite yet but maybe look for a price bounce or consolidation as we move closer to the cost of production.  Managed money is net long.  Possible resistance at 76.00.

Price
July ended the week at:  88.16
December ended the week at:  77.08
Stats
ICE Certified Cotton Stocks = 427,727
US Net Export Sales of 103,300 RB for 2014/2015 were reported (Indonesia was the big buyer).
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:                                  28,899          102,410 (contracts)
Swap Dealers:                                            55,527         4,068
Managed Money:                                        46,590         18,000
Other:                                                        14,203         21,487
View (Subject to Change in 24 Hours)
Bearish to Neutral

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Filed Under: Not BooksTagged With: #TheCottonClubLetter

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