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Cotton Snapshot – For Week Ending: 8/8/2014

Cotton Snapshot – For Week Ending: 8/8/2014

Chart:  barchart.com

Notes

ICE cotton dollar prices for Dec. rose just over 80 points this week.  U.S. certified stocks fell to 112,885 while export sales were up around 23% from last week.  Open interest for December stands at 118,759 with March open interest at 35,691. Conditions Report stated 53% of crop is good to excellent, compared to 54% last week, and 45% last year.  14% of the crop is poor to very poor, compared to 13% last week, and 21% this week last year.  Managed money is net long.  Possible resistance remains around 60.00 – 60.50 as prices searched hard for consolidation this week.

Price

December is at:  64.21
March is at:  65.01

Stocks and Sales

ICE Certified Cotton Stocks = 112,885.  Down from 136,608 last week.
US Net Export Sales = 145,100 RB 

Current World Balance Sheet (2014/2015)

Beginning Stocks:  100.56  (million 480 lb. bales)
Production:  116.42
Supply:  216.98
Mill Use:  111.34
Ending Stocks:  105.68
Stocks/Use Ratio:  94.92%

Current China Balance Sheet (2014/2015)
Beginning Stocks:  61.31 (million 480 lb. bales)
Production:  29.5
Imports:  8.00
Supply:  98.81
Mill Use:  36.5
Ending Stocks:  62.26
Stocks/Use Ratio:  170.58% 

Current USA Balance Sheet (2014/2015)

Beginning Stocks:  2.7 (million 480 lb. bales)
Production:  16.5
Imports:  .01
Supply:  19.21
Mill Use:  3.8
Ending Stocks:  5.2
Stocks/Use Ratio:  37.1%

Commitments of Traders

Producer / Merchant
  • Long:  30,812  (Contracts)
  • Short:  63,351
Swap Dealers

  • Long:  49,677
  • Short: 8,289
Managed Money

  • Long:  42,011
  • Short: 34,767
Other Reportables

  • Long:  15,119
  • Short:  29,175

View (Subject to Change in 24 Hours)

Bearish
Sterling Terrell