Cotton Fading Big Monday Rally

After the triple digit gains on Monday, overnight cotton trade was 15 to 28 lower to set up a possible Turnaround Tuesday fade. The weekly NASS Crop Progress report showed 69% of the crop had been harvested through 11/15. That was up 8% on the week and still 5% points ahead of average pace. The weekly Commitment of Traders report, delayed respecting Veteran’s Day, showed managed money was 59,094 contracts net long on 11/10. That was a 5,077 contract weaker net long on the week, with spec trader OI decreasing 205 contracts. The Cotlook A index was 76.65 c/lb. This week’s AWP for cotton is 56.71 cents/lb.

--- provided by Brugler Marketing & Management




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