Sterling Terrell

Cotton Market Snapshot – For Week Ending: 9/26/2014

Notes
ICE cotton dollar prices for Dec. fell 248 points this week as prices pushed to 60.00. U.S. certified stocks fell to 18,545 while net export sales were at 155,700 RB. Open interest for December stands at 101,926 with March open interest at 61,153. Conditions Report stated 48% of crop is good to excellent, compared to 49% last week, and 44% last year. 18% of the crop is poor to very poor, compared to 18% last week, and 23% this week last year. Managed money is net long. Technical traders see support around 60.00 with resistance around 62.50. The trend is down.

Price

December is at: 61.89

March is at: 61.10

Stocks and Sales

ICE Certified Cotton Stocks = 18,545. Down from 44,513 last week.

US Net Upland Export Sales = 155,700
(China was the big buyer at 51,500.)

Current World Balance Sheet (2014/2015)

Beginning Stocks: 100.3 (million 480 lb. bales)

Production: 118.01

Supply: 218.31

Mill Use: 112.12

Ending Stocks: 106.29

Ending Stocks/Mill Use Ratio: 94.8%

Current China Balance Sheet (2014/2015)

Beginning Stocks: 61.96 (million 480 lb. bales)

Production: 29.5
Imports: 8.00

Supply: 99.46

Mill Use: 36.5

Ending Stocks: 62.91

Ending Stocks/Mill Use Ratio: 172.35%

Current USA Balance Sheet (2014/2015)

Beginning Stocks: 2.45 (million 480 lb. bales)

Production: 16.54
Exports: 10.00

Supply: 18.99

Mill Use: 3.8

Ending Stocks: 5.2

Ending Stocks/Mill Use Ratio: 136.84%

Commitments of Traders

Producer / Merchant

Long: 45,967 (Contracts)
Short: 66,734

Swap Dealers

Long: 52,649
Short: 7,497

Managed Money

Long: 38,145
Short: 33,185

Other Reportables

Long: 16,867
Short: 40,643

View (Subject to Change in 24 Hours)

Bearish

Cotton Snapshot – For Week Ending: 9/19/2014

Chart: barchart.com

Notes
ICE cotton dollar prices for Dec. fell 363 points this week as prices pulled back from recent highs. U.S. certified stocks fell to 44,513 while net export sales were at 75,000 RB. Open interest for December stands at 108,366 with March open interest at 55,329. Conditions Report stated 49% of crop is good to excellent, compared to 49% last week, and 43% last year. 18% of the crop is poor to very poor, compared to 17% last week, and 24% this week last year. Managed money is net long. Technical traders see support around 63.00 with resistance around 67.00.