Cotton Higher at Midday

Cotton futures are 34 to 43 points higher today. US average cotton yield was lowered by 3% to 761 lbs/acre by USDA. The new lower yield pushed production for the 19/20 crop to 19.48 million bales. Cotton is still 1.914 million bales above the 2018 production. The USDA released the December cotton ginning’s report this morning. The report showed up to the month of December, cotton ginning’s are at 12.930 MRB. That is a 9-year high for that date, with the record for the accumulated ginning’s going back to 05/06 MY. The number grew 3.617 MRB through the latter half of Nov. The Seam reported online cotton sales of 36,019 bales on 12/06, at an average price of 59.08 cents per bale. The Cotlook A Index was back above the 75 mark after a triple digit move on 12/09; the index was up 1.45 to 75.35. The weekly AWP was 55.97 cents/lb.

Mar 20 Cotton is at 65.81, up 43 points,

May 20 Cotton is at 66.78, up 38 points

Jul 20 Cotton is at 67.51, up 34 points

Oct 20 Cotton is at 67.42, unch

---provided by Brugler Marketing & Management

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