Cotton Market Commentary

Cotton futures are trading 10 to 18 points lower this morning. They 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 US cotton production to 18.408 million bales, down 1.355 million from October. 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). USDA trimmed the export projection by 500,000 bales to 15 million on Thursday. 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 the tighter US stocks. Total US cotton export commitments are now just 8.6% larger than this week last year. The USDA weekly AWP was updated 69.86 cents/lb through next Thursday, up 130 points from last week.

--provided by Brugler Marketing & Management




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