For Week Ending: 1/23/2015
Chart Source: barchart.com
Notes
ICE cotton dollar prices for March-15 closed around 180 points lower this week as prices finished at 57.44. The July-15 contract finished at 59.17. Open interest for March-15 is at 133,941 contracts. July-15 open interest is at 19,236. U.S. certified stocks equaled 46,561 while net export sales were at 470,300 RB. Managed money is net short. Short-term, technical traders see possible support around 57.00 with possible resistance around 58.40. The long-term trend is down.
Price
July-15 is at: 59.17
Cotlook ‘A’ Index is at: 65.80
Cash Sales
For 1/23/2015, the trading platform TheSeam.com reported an average cash price of: 53.39.
On March, that puts the average basis right at: -405 points.
Cash prices are averaging 7.56 cents over loan value.
(China was the big buyer at 174,500.)
Current World Balance Sheet (2014/2015)
Imports – Exports: 6.95
Imports – Exports: -3.60
Ending Stocks/Mill Use Ratio: 60.08%
Current USA Balance Sheet (2014/2015)
Imports – Exports: -9.99
Commitments of Traders
- Long: 56,810 (Contracts)
- Short: 75,595
- Long: 45,544
- Short: 5,922
- Long: 47,859
- Short: 52,362
- Long: 18,722
- Short: 28,031
General View
Bearish
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*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.
