For Week Ending: 11/21/2014
Chart Source: barchart.com
Notes
ICE cotton dollar prices for Dec. closed flat this week as prices remained at 59.75. The March-15 contract was down slightly to 59.52. U.S. certified stocks rose to 24,049 while net export sales were at 172,000 RB. Open interest for December fell to 831 contracts as the Dec-14 contract closes. March-15 open interest is at 126,729 while May-15 open interest stands at 24,422. Crop Progress Report stated 69% of crop was harvested, compared to 62% last week, and 66% this week last year. The 2009 – 2013 average at this time is 74%. Managed money is (narrowly) net long. Technical traders see possible support around 58.00 with possible resistance around 60.25. The trend is down.
Price
May is at: 60.45
Cash Sales
For 11/21/2014, the trading platform TheSeam.com reports a current cash price average of: 56.60.
On March, that puts our average basis right at: -292 points.
Stocks and Sales
(China was the big buyer at 67,900.)
Current World Balance Sheet (2014/2015)
Imports: 7.00
Imports: 0.80
Ending Stocks/Mill Use Ratio: 55.59%
Current USA Balance Sheet (2014/2015)
Exports: 10.00
Commitments of Traders
- Long: 34,159 (Contracts)
- Short: 66,599
- Long: 52,589
- Short: 1,988
- Long: 44,903
- Short: 44,384
- Long: 16,801
- Short: 29,622
General View
Bearish
*This is for informational purposes only, and not a recommendation to buy or sell.
There is substantial risk of loss to futures and options trading.
Past performance may not be indicative of future results.
One should carefully consider their financial suitability prior to trading futures or options.
