Cotton Futures Down Hard at Midday

Front month cotton futures are down triple digits at midday. Pre-weekend profit taking appears to be a theme. Dec futures are down the most so far with a 4.1% drop, sitting 27 points above the limit loss. In USDA’s Weekly Cotton Market Review, the average spot price for cotton on the week ending Aug 6 was 59.28 cents/lb. That was 2.55 cents higher wk/wk, with a full range of 58.01 c/lb to 59.77. WTD sales reported on The Seam were 47,332 bales at a wtd av price of 56.99 cents/lb. The Cotlook A index was 70.85 cents/lb on Aug 6, a 50 point bump. The updated AWP for cotton is 1.73 cents higher to 49.44 cents/lb. The week’s new LDP is 2.56 cents/lb.

Oct 20 Cotton is at 62.03, down 238 points,

Dec 20 Cotton is at 62.22, down 263 points,

Mar 21 Cotton is at 62.94, down 255 points

May 21 Cotton is at 63.63, down 226 points

--- provided by Brugler Marketing & Management

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