Cotton futures are sitting at their limit 3 cent gains at midday. @GC*1 is off its highs so far, but is up $8/oz at midday. Crude oil is trading higher on 24% gains to 88.62/bbl. The USD is off its lows and working near UNCH at midday. The FOMC is today and tomorrow, with the announcement of a presumed rate hike coming tomorrow after the conclusion – analysts are looking for a 75 basis point hike with talks of reduced rate hikes in the future.Â
USDA’s weekly Crop Progress report after the close showed 96% of cotton bolls were open as of 10/31. Nationally, 55% of the crop was out of the field. That was a 10% point advancement through the week and remains 8% points ahead of the average pace.Â
The Cotlook A Index was another 300 points weaker to 89.50 cents/lb. USDA’s AWP was 4.81 cents weaker to 68.95 cents/lb for the week. Â
Dec 22 Cotton  is at 75, up 300 points,
Mar 23 Cotton  is at 74.64, up 300 points,
May 23 Cotton  is at 74.85, up 300 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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