Cotton Up 80 to 105 Points As Risk On Trend Continues

Friday cotton trading is taking on a bullish cast, with prices as much as 105 points higher. Cotton closed 11 to 16 points weaker, save for a 36 point drop in nearby Dec, on Thursday. Weekly cotton bookings from USDA’s Export Sales report were 131,406 RBs for the week ending November 12. That was down 45% on the week and 62% below the same week last year, as China canceled on net 24,196 RBs of sales. Wednesday cotton trading on The Seam was reported at 11,765 bales, for an average gross price of 66.13 cents/lb. USDA’s daily Spot Quotations report had 12,338 bales sold on Thursday for an average of 66.71 cents. The Cotlook A index pulled back 15 points to 77.65 c/lb. The new Adjusted World Price for cotton from FSA was 13 points higher to 56.84 cents/lb, good through Thanksgiving.

--- provided by Brugler Marketing & Management  




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