Cotton futures saw 23 to 30 point losses in most contracts on Friday. The delayed update to cotton production saw a yield drop of 22 pounds/ac to 838. An increase of 160,000 harvested acres saw production drop only ~200,000 bales to 18.390 million bales. The US carryout projection was down 100,000 bales to 4.3 million bales. On the world side, ending stocks were up 1.31 million bales to 75.5 million, as Chinese supply was revised higher on lower consumption. This morning’s Cotton Ginnings report indicated that 16.663 million RB of cotton has been ginned this MY, with 15.993 million RB of that upland cotton. The Cotlook A Index was up 20 points on February 7 to 82.85 cents/lb. The USDA Adjusted World Price is 64.61 cents/lb through next Thursday, down 46 points from the previous week.
Mar 19 Cotton closed at 72.550, down 26 points, |
May 19 Cotton closed at 73.690, down 23 points |
Jul 19 Cotton closed at 75.010, down 30 points |
--provided by Brugler Marketing & Management
