Cotton Market Mixed After Friday Retreat

Cotton is starting off the week 7 lower to 8 higher. Cotton futures were lower on Friday, with drops ranging from 39 to 153 points at the closing bell. The Dec cotton futures finished the week with a 4 point loss. The 11/28 Cotlook A Index remained unchanged at 75.10 cents/lb. USDA weekly export sales data revealed that there was a 23.69% increase in sales wk/wk for the week ending 11/21. The 281,514 running bales sold was the second largest for the marketing year after 11/07’s weekly sales of 345,079 bales. China accounted for 39,564 RB of the weekly sales, and 18,349 RB of the week’s shipments. The country has now been the destination for 252,583 RB on the MY. The new AWP is 56.20 cents /lb, which was a 16 point reduction from last Thursday. Friday’s Cotton-on-Call Report from CFTC showed that March 2020 had 32,579 contracts that were unfixed call sales as compared to 25,620 on call purchases; they were revised up 1600 and 9600 contracts respectively.

---provided by Brugler Marketing & Management

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