Cotton Market Reverse Course

Early cotton trading has futures up 96 to 127 points to start the new week, mostly erasing Friday losses. The dollar is slightly firmer after bouncing off of trendline support. Cotton futures were down triple digits on Friday. For Dec contracts that pushed the week’s move to minus 30 points from Friday to Friday. Sales on The Seam through Thursday were 11,088 bales at a wtd average price of 67.36 cents/lb. USDA’s weekly Cotton Market Review showed the week’s spot sales ranged 64.02 to 65.67 cents for a 65.02 cent/lb average. CFTC’s weekly Commitment of Traders report showed cotton specs reduced their net long 6,030 contracts to 64,171 on 11/3. The Cotlook A index remained at 77 cents/lb for 11/05. The week’s AWP for cotton 136 points to 56.01 cents/lb.

--- provided by Brugler Marketing & Management

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