After weakness during the Monday session, front month cotton prices are down 6 to as much as 128 points this morning. At the close yesterday, cotton futures were 25 to 151 points in the red, with December the weakest. New crop October contracts ended the session with a 28 point giveback while Red Dec gained 13 points.
The weekly Crop Progress update showed cotton harvest advanced 10% points to 75% finished through the week that ended 11/21. The average pace would have 71% of fields out. Texas’ harvest was seen 70% finished, compared to the 61% average pace, while GA was 11 ppts behind average at 67% finished.
USDA’s Daily Spot Quotations for 11/22 showed 7,621 bales were sold. The Cotlook A index for 11/19 was 180 points weaker to 126.65 cents/lb. USDA’s AWP for cotton is 102.56 cents/lb through Thursday.
Dec 21 Cotton closed at 117.71, down 151 points, down 6 this morning
Mar 22 Cotton closed at 115.97, down 46 points, down 128 this morning
May 22 Cotton closed at 114.38, down 40 points, down another 127 this morning
/EV%20charging%20spot%20by%20Patpitchaya%20via%20iStock.jpg)
/A%20Palantir%20office%20building%20in%20Tokyo_%20Image%20by%20Hiroshi-Mori-Stock%20via%20Shutterstock_.jpg)
/A%20Lucid%20Motors%20vehicle%20parked%20in%20front%20of%20a%20showroom_%20Image%20by%20Michael%20Berlfein%20via%20Shutterstock_.jpg)
