Cotton Lower but Firm

After yesterday’s gains, midday cotton prices are pulling back a few points. Dec is down the most at midday with a 16 point drop so far. USDA’s Spot Cotton Quotations report showed 2,871 bales were sold at an average gross price of 67 cents/lb. The Crop Progress report showed harvesting continues at average pace; an additional 8% of the crop was picked on the week bringing harvest to 42% complete. Texas was 48% harvested, compared to their average of 34%, but in Arkansas and Mississippi cotton picking trails the 5-yr averages by 12 percentage points. The Cotlook A index for the 26th was down 35 points to 77.40 cents/lb. The AWP for cotton is 55.71 cents/lb, good through Thursday.

Dec 20 Cotton is at 71.95, down 16 points,

Mar 21 Cotton is at 72.65, down 7 points

May 21 Cotton is at 73.17, down 5 points

Jul 21 Cotton is at 73.53, down 5 points

--- provided by Brugler Marketing & Management

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