Cotton Market Commentary

Cotton futures retreated from their highs to close the Thursday session with most contracts 3 to 11 points lower and Dec up 5. The US dollar index was sharply higher on the day. NASS trimmed the national cotton production total to 18.408 million bales today, down 1.355 million due mostly to cuts in GA and AL following Hurricane Michael. The national yield projection was cut by 49 lbs to 852 lb/ac. That tightened the US carryout number to 4.3 million bales (down 700,00 bales). World ending stocks were down 1.84 million bales to 72.61 million, with the help of a smaller Indian crop @ 28 million bales as well as tighter US stocks. The weekly Export Sales report indicated that a modest 91,007 RB of upland cotton was sold for 18/19 exports in the week of 11/1. Vietnam was the lead buyer of 87,400 RB, with 57,958 RB shown as net reductions for China. Sales for 19/20 totaled 15,488 RB. The Cotton Ginnings report showed that 4.877 million RB of cotton was ginned as of November 1, 2.455 million RB more than the Oct 15 report. The USDA weekly AWP was updated 69.86 cents/lb through next Thursday, up 130 points from last week.

Dec 18 Cotton closed at 79.010, up 5 points,

Mar 19 Cotton closed at 80.540, down 3 points

May 19 Cotton closed at 81.840, down 11 points

--provided by Brugler Marketing & Management

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