Cotton Futures Market Higher to Begin Week

Cotton begins the new week with big gains. Futures are up 62 to 105 points from the Friday close. The dollar is a little weaker, while stock market futures are higher. On Friday, cotton futures gave back midday gains and closed mixed to slightly lower. FSA data released on Friday had cotton prevented plantings (PP) at 400,334 acres. USDA revised new crop production 1.02 m bales lower to 17.06m bales, on a 28 lb/acre yield reduction. USDA also lowered new crop stocks to 7.2m bales on the crop reduction. After some demand cuts, the Stx/Use ratio fell back 1.9% from August to 42.1%. USDA’s Export Sales report had cotton bookings at 126,671 RBs for the week ending 9/3. Cotton shipments total 1.482m RBs through the first 5 weeks of the MY, which is record large. Cotton spec traders reduced their CFTC net long 13% this week to 53,231 contracts, via long liquidation. The Cotlook A index for Sept 9 was 10 points higher to 69.90 cents/lb. The new AWP for cotton is 49.77 cents/lb, with a 2.23 cent LDP.

--- provided by Brugler Marketing & Management




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