Cotton Futures Stout As Dollar Decline Continues

Tuesday cotton trading starts with 52 to 58 point gains. Monday’s cotton futures market ended 85 to 105 point gains. The Cotton System Consumption and Stocks report had 1,379 RBs used in November. That was up 2.2% mo/mo, but still 10.5% lower than November of 2019. Stocks grew 33% from the 1,714 RBs in October to 2,280 RBs in November. Cotton spec traders were 68,429 contracts net long on 12/29 per CFTC. Commitment of Traders data shows a weekly decrease of 2,104 contracts wk/wk in the net managed money position. USDA’s Daily Spot Quotations report listed 18,554 bales sold at spot for an average price of 74.43 cents/lb. The Cotlook A index was a penny stronger on 12/31, to 84.60. The AWP was updated to 63.03 c/lb, up 102 points on the week and good through Thursday. 

--- provided by Brugler Marketing & Management




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