Cotton Extends Gains

Cotton futures are 31 to 42 points higher after the overnight trade added to the early week gains. Yesterday, cotton futures posted 40 to 51 point gains, but traded in a wider range. The Crop Progress report from NASS had 90% of the cotton crop with open bolls. Harvest as of the 11th was 26% complete. Cotton harvest is just 1 percentage point behind the average pace. Harvest in MS and LA was 61% and 29% completed as of the 11. Mississippi harvest is usually at 49% by week 41. GA and TX still have 2/3 of their cotton to pick; for GA that is 17 percentage points behind average, but for TX that is 11 points ahead of average. Hurricane Delta did cause condition ratings to decline, with 30% of the crop now rated poor or very poor vs. 27% the previous week. Daily cotton sales reported by the USDA were 4,780 bales for 63.29 cents/lb – mostly in W. TX. The Cotlook A index rose 25 points on 10/12 to 73.20 c/lb. The AWP for cotton is 51.48 cents/lb, with an 0.52 cent LDP.

--- provided by Brugler Marketing & Management




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