Chart: barchart.com
Notes
Prices fell lower again this week. Export sales bounced back a bit but certified stocks increased again. With July open interest down to 1,889 contracts, we will now move to December and March. Open interest for December is up to 120,295 while March stands at 18,421. Conditions Report stated 53% of crop is good to excellent, compared to the same last week, and 47% last year. 13% of crop is poor to very poor, compared to 12% last week. U.S. cotton acreage is now pegged at 11.4 million acres, up 268,000 acres from the last report. Managed money is net long. Possible resistance around 71.50.
Price
July ended the week at: 76.22
December is at: 72.06
March is at: 73.02
March is at: 73.02
Stocks and Sales
ICE Certified Cotton Stocks = 461,341
US Net Export Sales of 59,700 RB for 2014/2015 were reported.
(Indonesia was the largest buyer at 25,600).
(Indonesia was the largest buyer at 25,600).
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 China Balance Sheet (2014/2015)
Beginning Stocks: 60.3 (million 480 lb. bales)
Production: 29.5
Supply: 97.8
Mill Use: 37.0
Ending Stocks: 60.8
Stocks/Use Ratio: 164.0%
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
