Cotton
Cotton futures are 40 to 50 points lower to begin Turnaround Tuesday after they were 68 to 100 points higher on Monday. The Monday rally came despite a sharp rise in the US dollar following the German elections (up 489 points). The US cotton harvest was 14% complete through Sunday, compared to the average of 9% for that date. Ratings came in at 60% gd/ex, down 1% since last week, as the Brugler500 fell 1 to 357. The AWP this week is 60.91 cents/lb, down 236 points from the previous week. The Cotlook A index for September 22 was down 95 points from the previous day at 78.55 cents/lb. China sold another 29,600 MT of cotton in Monday’s auction of state reserves that saw 30,000 MT offered.



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