Cotton futures are trading 6 points either side of UNCH this morning. They saw gains of 15 to 47 cents in most contracts on Friday. Accumulated exports for 2017/18 upland cotton are 15.32% lower than last year, with total export commitments running 40.7% ahead of this time last year. There are 7.456 million RB in outstanding sales currently, with 2.19 million RB in exports completed since August 1. The USDA Adjusted World Price (AWP) was updated to 64.22 cents/lb on Thursday, up 1.63 cents/lb from the previous week. The Commitment of Traders report on Friday showed the spec funds adding 18,677 contracts to their net long last week, taking it to 70,728 contracts as of November 28. It was only 42,208 contracts two weeks ago.

Market Commentary provided by:

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