Cotton

Cotton futures saw 8 to 37 point losses on Tuesday, despite a supportive USDA report. The US dollar held back gains going into close at it was up 220 points. The USDA Cotton Ginnings report shows that as of December 1, 11.335 million RB had been ginned in the US. That was nearly 10% larger than this time last year and an increase of 3.408 million RB over the mid-November report. The USDA raised the US production number slightly to 21.44 million bales, on a 2 lb increase in yield to 902 lbs/ac. The US ending stocks number was lowered 0.3 million bales, as exports were raised by that amount. The world ending stocks number was trimmed 2.88 million bales to 88 million bales. Production in India was trimmed 0.5 MMT, as Pakistan was down 0.95 MMT.

Mar 18 Cotton closed at 72.910, down 9 points,

May 18 Cotton closed at 73.500, down 8 points

Oct 18 Cotton closed at 72.420, down 22 points




Market Commentary provided by:

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