Cotton Up Sharply and Tests 72 Cents Overnight

Cotton futures are 39 to 127 points higher this morning, extending last week’s rally and challenging the October highs. At Friday’s close, front month cotton futures were 113 to 156 points stronger. The Commitment of Traders report from CFTC showed a 1,529 contract reduction to managed money’s net long position. Cotton specs were 57,565 contracts net long on 11/17 USDA’s weekly Cotton Market Review confirmed 55,843 bales were sold at spot this week, that was up from 22,630 LW and 36,236 LY. The average cash price for the week was also higher, up a penny on the week but 5.79 cents above the same week last year at 66.1 cents/lb. The Cotlook A index regained 50 points to 78.15 c/lb. The AWP for cotton is 56.84 cents/lb.

--- provided by Brugler Marketing & Management 

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