Cotton Futures Slightly Lower After Triple Digit Monday

Cotton futures are UNCH to 7 points lower this morning after big gains of 124 to 138 points on Monday. Position squaring ahead of the WASDE supply/demand estimates is keeping a lid on the market. Cotton harvest progressed 9% in 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, good through Thursday.

--- provided by Brugler Marketing & Management

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