Cotton Higher on Risk On Trading

Cotton opens the new week 54 to 65 points higher. Crude oil and the stock market are also higher this morning. Nothing terrible appeared to happen to the President over the weekend, so the risk off moves from late last week are being reversed. At the closing bell on Friday, front month cotton futures were 7 to 12 points lower. From Friday to Friday Dec cotton futures fell back a modest 13 points. CFTC data showed cotton specs were 51,128 contracts net long on Sept 29. That was down just 183 contracts week over week. USDA’s weekly Cotton Market Review had 17,490 bales sold at spot for the week ending 10/1. That was 6,053 bales above the previous week’s spot business. The average spot price was 60.10 cents/lb, up 28 points wk/wk. WTD sales on The Seam were 14,297 bales at a wtd price of 57.04 cents/lb. The week’s new AWP for cotton is 50.67 cents/lb. The LDP is 1.33 cents for the week.

--- provided by Brugler Marketing & Management

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