Cotton Closed with Triple Digit Gains

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.

Dec 20 Cotton closed at 70, up 138 points,

Mar 21 Cotton closed at 71.68, up 153 points

May 21 Cotton closed at 72.55, up 153 points

Jul 21 Cotton closed at 73.26, up 151 points

--- provided by Brugler Marketing & Management

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