Cotton Gives Back Monday Gains Overnight

Cotton futures are 90 to 113 points lower this morning, giving back 79 to 112 point gains from Monday. Front month futures hit an 18-month high of 72.70 early yesterday. Monday was first notice day for December cotton futures. There were 78 notices put out, including 50 from a merchant. Stoppers were SG Americas and Marex clients. USDA’s Crop Progress report indicated that cotton harvest was 77% complete as of Sunday, up 8% on the week and 6% faster than the 5-year average. Harvest was 14% faster than normal in TX at 74% complete. The Seam had a large 27,429 bales traded on Friday at an average price of 69.68 cents. The Cotlook A index was down 25 points to 77.90 cents/lb as of November 20. The AWP for cotton is 56.84 cents/lb. through Thursday.

--- provided by Brugler Marketing & Management 

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