Cotton Ends Wednesday Lower

At the closing bell on Wednesday front month cotton futures were 18 to 48 points weaker. September cotton prices on the Zhengzhou Commodity Exchange spiked big on Wednesday. Up 190 yuan/MT (~5 cents/lb) to BC levels. Chinese September cotton futures closed at 13,100 yuan/MT (~87.08 cents/lb), inverse to Nov. The Seam reported 3,413 bales of cotton sold online at an average gross price of 59.48 cents/lb. The Cotlook A index for 9/1 was 70.85 cents/lb, down another 25 points. The national average cash cotton price from cmdtyView was 60.16 cent/bale, up 25 points from Friday. USDA’s Ag Attaché sees Brazil producing 12.1m bales of cotton in 2020/21. That is below USDA’s official forecast of 13.92m bales and would be 1.3% lower yr/yr if realized. The AWP for cotton for the week is 50.50 cents/lb, with a 1.5 cent LDP. Both will be updated tomorrow.

Oct 20 Cotton closed at 64.18, down 48 points,

Dec 20 Cotton closed at 64.96, down 44 points

Mar 21 Cotton closed at 65.88, down 43 points

May 21 Cotton closed at 66.76, down 31 points

--- provided by Brugler Marketing & Management




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