Chart: barchart.com
Notes
Prices eased and then exploded lower this week as export sales fell and certified stocks climbed yet again. With 10 days till expiration, July open interest has fallen to 2,347 contracts. Open interest for December stands at 119,052. Conditions Report stated 53% of crop is good to excellent, compared to 51% last week, and 43% last year. Staying the same as last week, 12% of crop is poor to very poor, compared to 23% last year. Managed money is net long. Possible resistance at 72.50.
Price
July ended the week at: 80.73
December ended the week at: 74.73
Stats
ICE Certified Cotton Stocks = 448798
US Net Export Sales of 24,100 RB for 2014/2015 were reported (Honduras was the big buyer at 10,000RB).
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: 12,699 84,091 (contracts)
Swap Dealers: 56,115 6,375
Managed Money: 44,117 16,543
Other: 14,602 21,601
View (Subject to Change in 24 Hours)
Bearish
