Cotton
Cotton futures are trading 22 to 101 points lower this morning after they posted limit losses in the nearby contracts yesterday. There are expanded limits today. The USDA raised the 2017 US cotton yield 16 lbs/ac to 902 lbs/ac, shocking those expecting to see at least some weather related losses. Average yields were raised in all states except CA, AR and GA. US 2017 production rose 1.21 million bales to 21.76 bales. US new crop ending stocks rose 200,000 bales to 6 million bales. USDA indicated they will some re-survey states for harvested acreage in October. World ending stocks for 2017/18 jumped 2.45 million bales to 92.54 million bales. Production for India, Brazil, and Australia was raised along with the US. The Cotlook A index for September 11 was35 points higher at 84.4 cents/lb.



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