Cotton Market Into New Highs For Move

Overnight cotton trading has price 74 to 121 points higher to start the new week. Cotton futures closed the Friday session with 51 to 70 point gains. The dollar turned weaker on Friday and is down in early action this morning. 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 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. 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.

--- provided by Brugler Marketing & Management

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