Cotton Futures Close with Gains

At the closing bell for Wednesday, front month cotton futures were 45 to 51 points in the black. Dec to March carry was 1 point better after Wednesday, at 75 points. Chinese cotton futures on the ZXE were 12,750 yuan (~ 84.98 cents/lb) for Jan. Carry to March on the ZXE is ~1.27 cents, as March futures closed at 12,935 yuan on 9/29. USDA’s Ag Attaché lowered India’s cotton carryin and reduced 2020/21 harvested acres for a net supply 760,000 bales below WASDE. With the tighter supply, the Ag Attaché sees exports at 4.3 million bales, compared to USDA’s official 5 million estimate. USDA’s Daily Spot Quotations report noted 5,831 bales sold on 9/30 for an average price of 60.15 cents/lb. The online cotton trading platform The Seam reported 1,249 bales sold on Tuesday for 53.25 cents/lb. The Cotlook A index was 71.15 c/lb on Sept 29, that was 15 points weaker. The AWP for cotton is 50.45 cents/lb, the week’s LDP is 1.55 cents. Both will be updated after the close tomorrow.

Oct 20 Cotton closed at 64.49, up 49 points,

Dec 20 Cotton closed at 65.79, up 50 points

Mar 21 Cotton closed at 66.54, up 51 points

May 21 Cotton closed at 67.27, up 47 points

--- provided by Brugler Marketing & Management




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