Cotton Showing Early Wednesday Gains

Price Movement - Cotton prices increased by 10 to 15 points on Wednesday, following a stronger trade on Tuesday where futures closed 40 to 45 points higher [1] - Crude oil futures rose by 46 cents per barrel, reaching $58.47 [1] - The US dollar index decreased by $0.364 to $97.590 [1] Export Sales - The Tuesday Export Sales report indicated that 304,689 RB of cotton were sold in the week of December 11, marking a marketing year high and the largest sales since February [2] - Shipments improved to 134,371 RB, which is a 5-week high [2] Market Positioning - The CFTC's updated commitment of Traders report revealed an addition of 180 contracts to the managed money net short position in cotton futures and options, bringing the total net short to 54,833 contracts for the week of December 16 [3] Auction and Pricing - The online auction from The Seam on December 22 recorded sales of 12,794 bales at an average price of 59.15 cents per pound [4] - The Cotlook A Index increased by 40 points on December 22, reaching 73.70 cents [4] - ICE certified cotton stocks decreased by 796 bales due to decertification, with the current certified stocks level at 11,600 bales [4] - The Adjusted World Price was updated to 49.99 cents per pound, reflecting a 40-point drop from the previous week [4] Futures Closing Prices - March 26 Cotton closed at 64.01, up 40 points, currently up 15 points [4] - May 26 Cotton closed at 65.2, up 42 points, currently up 12 points [4] - July 26 Cotton closed at 66.27, up 42 points, currently up 14 points [4]