Cotton #2 Futures Market News and Commentary
Cotton futures are 90 to 113 points lower this morning, giving back 79 to 112 point gains from Monday. Front month futures hit an 18-month high of 72.70 early yesterday. Monday was first notice day for December cotton futures. There were 78 notices put out, including 50 from a merchant. Stoppers were SG Americas and Marex clients. USDA’s Crop Progress report indicated that cotton harvest was 77% complete as of Sunday, up 8% on the week and 6% faster than the 5-year average. Harvest was 14% faster than normal in TX at 74% complete. The Seam had a large 27,429 bales traded on Friday at an average price of 69.68 cents. The Cotlook A index was down 25 points to 77.90 cents/lb as of November 20. The AWP for cotton is 56.84 cents/lb. through Thursday.
--- provided by Brugler Marketing & Management