Cotton Gains into Weekend

Cotton futures closed the Friday session with 51 to 70 point gains, completing each trade day with a green candle. For Dec futures that amounted to a 3.37% gain from Friday to Friday. After the close, CFTC released their weekly Commitment of Traders report. It showed a 6,862 contract increase to managed money’s net long - @ 59,942 as of 10/13. USDA reported 98,870 RBs of upland cotton sold in 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. As the Adjusted World Price is above the $0.52 level, there is no need for an LDP this week.

Dec 20 Cotton closed at 69.92, up 70 points,

Mar 21 Cotton closed at 70.56, up 63 points

May 21 Cotton closed at 71.23, up 58 points

Jul 21 Cotton closed at 71.71, up 50 points

--- provided by Brugler Marketing & Management

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