Cotton

Cotton futures are currently 43 to 60 points higher. They saw 8 to 37 point losses on Tuesday, despite a supportive USDA report. The US dollar held back gains as 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 average yield to 902 lbs/ac. The US ending stocks number was lowered 300,000 bales, as exports were raised by that amount. The average farm cash price range was raised 3 cents to 63-69 cents, with the mid-point up to 66 cents/lb. The world ending stocks number was trimmed 2.88 million bales to 88 million bales. Production in India was trimmed 0.5 MMT, and Pakistan was down 0.95 MMT.




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