Cotton futures are 33 to 37 points lower this morning, adding to losses of 38 to 71 point losses on Tuesday. The Texas cotton harvest was 21% complete on 9/24, vs. their average of 13%. The Ginnings report showed 788,550 running bales processed thus far in the US, up from 678,850 a year ago. All were in AZ or TX. Condition ratings in MO were down 20, with LA 14 points lower. The Cotlook A index for September 25 was up 15 points from the previous day at 78.70 cents/lb. China sold another 29,700 MT of cotton in Tuesday’s auction of state reserves that saw 30,100 MT offered. Chinese cotton imports for August came in at 385,405 bales, up 20% from last year.

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