Cotton Lower so far at Monday’s Midday

Cotton futures are trading 21 to 30 points lower this morning in “buy the rumor, sell the fact” action following the USDA reports. The next 7 days are going to be wet, the accumulated precip forecast map from NWS indicates more than an inch for the eastern coastline, central Arkansas, north central Louisiana, most of MS and most of AL are also expected to see an inch of accumulated precip for the week. The Cotton Ginnings report showed that the MY total cotton ginned is up to 6.249 million (480-lb) bales. Cotton yield was down 34 to 799 lbs per acre in the Crop Production report, 7.5% lower than last year. The ending stocks estimate was reduced to 6.1 million bales from 7 million in the October WASDE report. USDA’s world cotton ending stocks figure tightened to 80.8 million bales from 83.69 million in October. Managed money spec funds expanded their CFTC net short position for cotton by 150% wk/wk, and as of 11/5 they were net short 15,247 contracts of futures and options. The Cotlook A Index for 11/8 regained 70 points to 75.40 cents/lb. The AWP will remain at 56.63 cents/lb through Thursday.

DEC 19 Cotton is at 64.48, down 24 points,

MAR 19 Cotton is at 66.27, down 30 points

MAY 20 Cotton is at 67.54, down 23 points

JUL 20 Cotton is at 68.66, down 21 points

--provided by Brugler Marketing & Management




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