Cotton futures are up 8 to 15 points this morning. Yesterday the board was lower in Dec and March but higher in the deferred months. The updated USDA cash average price for cotton is 3 cents higher at 64 cents/lb. The monthly S&D tables showed cotton production was slightly increased on better yield to 17.09 million bales. Carryout was left at 7.2 m bales for a stocks/use of 42.1%. Global carryout is estimated at 101.44 million bales, up just 310k mo/mo. USDA’s Cotton Ginnings report showed 3.987 million bales were ginned through November 1st vs. 6.25 million bales last year. Monday cotton sales on The Seam were 8,455 bales for an average gross price of 70.34 cents/lb. That was the largest single day sale since October 9, and the second (behind Friday) highest average price since April 8th 2019. The Cotlook A index fell back 80 points to 76.20 cents/lb. The AWP for cotton is 56.01 cents/lb, good through tomorrow’s trade.
--- provided by Brugler Marketing & Management
