The CFTC Cotton On-Call Report as of May 19th was released after the close. The ratio of sales to purchases, which flipped last week to show purchases higher than sales, flipped back today. Last week was the one and only time total purchases exceeded total sales. Given the reporting week contained the recent July highs up to 8798, it was not surprising that growers likely fixed a chunk of their on-call purchases. July’s purchases fell by 4,677 contracts. Some of that could also have been rolled to Dec.
Total on-call sales were 64,299 contracts, up 3,312 contracts, the majority of the increase in Dec-23. On-call sales a year ago were 125,516 contracts. Total on-call purchases were 60,074 contracts, down 2,052 contracts. On-call purchases a year ago were 41,811 contracts.