Cotton #2 Futures Market News and Commentary
Overnight cotton futures trading has prices steady to 17 points lower to start the Wednesday round. At the closing bell on Turnaround Tuesday, cotton futures were down 8 to 14 points in the front months. The Tuesday session had wide ranges, which for Dec was 1.35 cents. Dec cotton traded the highest since Jan 22 but couldn’t hold it. That ended a string of 7 consecutive higher closes. Monday sales on the online cotton trading platform, The Seam, were 4,835 bales at an average gross price of 66.65 cents/lb. USDA’s Daily Spot Quotations report said 5,413 bales were sold at spot on Tuesday at 65.70 cents/lb. The Cotlook A index was 75.40 cents/lb on 10/19, up 75 points. The week’s AWP for cotton of 53.43 cents/lb.
--- provided by Brugler Marketing & Management