Cotton Pulling back at Midday

Front month cotton futures are trading 61 to 68 points lower on Friday profit taking. There is only a 0.8% carry to March. Chinese cotton futures have closed red for three consecutive days on the Zhengzhou Commodity Exchange. Nov futures were down 6.5% from the 17 month high set three days earlier. Carry to Jan and March was 1.7% and 2.5% from Nov respectively. USDA’s cotton ginnings report showed 1.658m RBs were ginned for the YTD. 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 firm at 76.85 cents/lb on 10/22. The AWP for the week is 55.71 cents/lb.

Dec 20 Cotton is at 71.26, down 68 points,

Mar 21 Cotton is at 71.85, down 66 points

May 21 Cotton is at 72.44, down 65 points

Jul 21 Cotton is at 72.88, down 66 points

--- provided by Brugler Marketing & Management

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