Cotton Pullback Continues

Front month cotton futures are adding another triple digits to the pullback through midday. the board is 112 to 154 points in the red, which for Dec is a net 6.71 cent pullback from the LOC high. 

The NASS Crop Progress update showed 78% of cotton bolls were open as of 10/10. That compares to 82% on average. Harvest was seen 6% points behind the average pace at 20% picked. Texas’ harvest was seen at 29% complete, with their average at 27%. GA was also ahead of schedule, having collected on 15% of area compared to the 11% average pace. Conditions were back up by 3 points on the Brugler500 index to a 367. Conditions in KS and OK were sharply lower, while AL, AZ, and MS were also weaker from last week. Most of the other major states were higher to offset. 

USDA trimmed cotton’s average yield by 24 lbs/acre. Output was seen at 18m bales, after a 510k bale cut. 

USDA’s DSQ report showed 362 bales sold on 10/12. The Cotlook A index was 55 points weaker to 118.70 cents/lb. The AWP for cotton is now 91.81 cents/lb, up from 83.92 last week. 

Dec 21 Cotton  is at 104.98, down 140 points,

Mar 22 Cotton  is at 102.82, down 128 points,

May 22 Cotton  is at 101.87, down 117 points




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