Cotton Futures Gaining at Midday

Front month cotton futures are 54 to 77 points higher at midday. Trade sources indicate that imports of Australian cotton into China are being discouraged by the Chinese government, creating more room for US purchases. USDA reported 98,870 RBs of cotton sold on the week ending 10/8. That was down 45% from last week and was 48% below the same week last year. exports of 192,621 RBs brought the MY total to 2.505m RBs through the first 10 weeks of the MY. That is the second fastest shipment pace on record behind 2.645m RBs shipped through the first 10 weeks in 07/08. The Cotlook A index was firm at 74.50 cents/lb on the 15th. The week’s new AWP for cotton of 53.43 cents/lb, with no more LDP.

Dec 20 Cotton is at 69.9, up 68 points,

Mar 21 Cotton is at 70.54, up 61 points

May 21 Cotton is at 71.27, up 62 points

Jul 21 Cotton is at 71.75, up 54 points

--- provided by Brugler Marketing & Management

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