Cotton
Cotton futures are trading 10 lower to 10 higher this morning, trying to hold retracement support. They were mixed on Wednesday with back months higher, while Oct was 73 points lower. The expanded limits were not needed. The dollar was stronger for a third consecutive day. In Tuesday’s WASDE report, the USDA lowered the cash average farm price a penny on both sides of the range to a mid-point of 60 cents/lb. They also raised the projected US export number 700,000 bales to 14.9 million bales with aid from the lower prices. The Cotlook A index for September 12 was 230 points lower at 82.1 cents/lb. At their daily auction of state reserves, China sold 27,100 MT of the 27,446 MT of cotton offered.



Market Commentary provided by:

Brugler Marketing & Management LLC
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