Cotton Retreating Triple Digits on Tuesday

Cotton futures are down 116 to 126 points at midday, taking some money off the table following Monday’s 18 month high. With Monday first Notice day for Dec Futures, there were 78 notices put out, including 50 from a merchant. Stoppers were SG Americas and Marex clients. A swath of precip from the 7 day QPF shows much of Eastern TX to the East Coast getting hit, though harvest progressing faster than expected is dampening the market at midday. USDA’s Crop Progress report indicated that cotton harvest was 77% complete as of Sunday, up 8% on the week and 6% faster than the 5-year average. Harvest was 14% faster than normal in TX at 74% complete. The Seam had another large 34,261 bales traded on Monday at an average price of 70.47 cents, up 79 points from the previous day. The Cotlook A index was up 130 points to 79.20 cents/lb as of November 23. The AWP for cotton is 56.84 cents/lb. through Thursday.

DEC 20 Cotton is at 70.89, down 126 points,
MAR 21 Cotton is at 72.64, down 116 points
MAY 21 Cotton is at 73.48, down 117 points
JUL 21 Cotton is at 74.08, down 116 points

--- provided by Brugler Marketing & Management 

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