Cotton Market Grinds Lower Overnight

Cotton futures are 4 to 11 points lower this morning. Futures followed Monday’s decreases with more of the same on Tuesday. Nearby futures posted losses of 63 to 82 points. The dollar index is firmer this morning, with the US stock market a touch weaker. The Seam reported 3,583 bales sold at an average price of 55.07 cents/lb for 11/18. Egyptian cotton has retained profitability, with the Nile Cotton Ginning Report showing a profit of 467,172 Egyptian pounds (28,964.664 U$D) on the year through 9/30. Last year at this point, they reported a net loss of 2,408,783 pounds ($149.344.546). The Cotlook A Index was boosted on 11/18 to 75.50 cents/lb, up 60 points. The AWP for cotton will be 57.06 cents/lb through Thursday.

--provided by Brugler Marketing & Management




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