The front month cotton futures market was 1.24 cents to 1.38 cents higher on Monday. Pfizer’s vaccine report drove a broad rally across equities and laggard commodities. The dollar was 0.65% firmer after bouncing off of trendline support. Cotton harvest progressed 9% on the week ending 11/08. The Crop Progress report showed 61% of 2020/21 cotton is out of the fields, compared to the 57% average. Cotton harvest in Missouri progressed a brisk 31% on the week, but MO harvest still lags the average pace by 21%. Georgia’s harvest is also 10% behind the average with 52% of the 2020/21 crop picked. USDA’s Daily Spot Quotations report showed 5,737 bales were sold at spot for an average of 65.89 cents/lb. The Cotlook A index again was firm at 77 cents/lb for 11/06. The AWP for cotton is 56.01 cents/lb.
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Dec 20 Cotton closed at 70, up 138 points, |
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Mar 21 Cotton closed at 71.68, up 153 points |
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May 21 Cotton closed at 72.55, up 153 points |
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Jul 21 Cotton closed at 73.26, up 151 points |
--- provided by Brugler Marketing & Management
