Cotton

Cotton futures are currently 20 to 30 points higher after closing 8 to 61 points lower on Monday. Nearby December is the exception this morning, down 15 points. USDA reported that as of Sunday, the US cotton crop was 79% harvested USDA. That is a move of just 5% over that week, falling behind the average of 80%. Total commitments of upland cotton exports are now 70% of the full year USDA estimate. The average for this time of year is 55%, with last year running 48%. The Monday afternoon COT report showed spec funds in cotton futures and options adding 10,023 contracts to their net long position of 52,051 contracts as of last Tuesday. The Cotlook A index was unchanged from the previous day points to 81.60 cents/lb on November 24.




Market Commentary provided by:

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