Cotton Futures 42 to 52 Lower Ahead of Weekend

Cotton futures are 42 to 52 points lower this morning on a little pre-weekend profit taking. December is up more than 600 points (6 cents per pound) for the month. Yesterday cotton futures were 58 to 90 points higher on the day. Dec futures have green candles for 12 of the last 15 sessions. About 742,750 RBs were ginned during the first half of October, as USDA’s cotton ginnings report showed 1.658m RBs were ginned for the YTD. Accumulated ginnings are running 42% behind 19/20’s pace, still the slowest since 15/16. Upland cotton bookings from the Export Sales report were 227,760 RBs for the week ending 10/15. That was 10% above the same week last year. USDA’s Daily Spot Quotations report said 7,139 bales were sold at spot on Thursday at 66.76 cents per pound. The Cotlook A index was up another 5 points to 76.85 cents/lb on 10/21. The FSA adjusted the AWP for cotton 2.28 cents higher to 55.71 cents/lb. That’s too high for an LDP.

--- provided by Brugler Marketing & Management




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