Cotton futures got a little bit of strength in the old crop contracts, with gains anywhere from 2 to 21 points and thinly traded December up 224 points. First Notice day for December is on Friday. Price action for the July contract and beyond were down 1 to 32 points on the day. The markets will be closed on Thursday in observation of Thanksgiving, with the market back open on Friday morning at 7:00 am CST for a shortened session. The outside markets are playing some factor, with crude oil down $99 cents/barrel and the US dollar index up 32 points.Â
Cotton Ginnings data showed 5.787 million RB have been ginned in the US as of November 15. That was an addition of 2.13 million RB over the 2 week period, but is the lowest mid-November total since the 15/16 crop year.Â
A private consultancy group Agroconsult estimates Brazil’s cotton acreage at 1.94 million hectares (4.79 million acres).Â
The Cotlook A Index was back down 25 points on November 21 at 91.15 cents/lb. The AWP for this week is 64.23 cents/lb and will be adjusted by FSA later this week. The Seam had sales of just 820 cash bales traded on November 21 at an average price of 69.66 cents/lb, down 2.04 cents vs. the previous day.Â
Dec 23 Cotton  closed at 79.58, up 224 points,
Mar 24 Cotton  closed at 80.9, up 21 points,
May 24 Cotton  closed at 81.45, up 2 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. For more information please view the Barchart Disclosure Policy here.
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