Cotton Gains on the Week

Dec cotton futures gained 2.02% for a 129 point increases wk/wk, futures closed Friday up 18 to 53 points in nearbys. The CFTC reported this afternoon that cotton saw another reduction in managed money’s net short position, which as of Tuesday was 11,377 contracts. Cotton weekly export sales are up 9.33% compared to last week and were the highest since February, at 206,468 running bales. The cumulative sales for the market year are now at 9.135 million RB, only 0.22% below last year’s pace. The Cotlook A Index bounced up another 100 points on Oct to 75.00 cents/lb. The updated Adjusted World Price of cotton is now 55.26, up 1.36 from last Thursday’s AWP. Ted McKinney announced from Hanoi today via teleconference with reporters that at least $5 million in ag sales have been made, with official totals coming out Monday. Vietnam imports 54% of their approximate 7.3 Million bales in annual needs from the United States, totaling over $1 billion.

DEC 19 Cotton closed at 65.17, up 18 points,

MAR 19 Cotton closed at 65.8, up 29 points

MAY 20 Cotton closed at 66.3, up 41 points

JUL 20 Cotton closed at 66.66, up 53 points

-- provided by Brugler Marketing & Management

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