Cotton Market Choppy in Thin Overnight Trade

Cotton is trading anywhere from 8 points lower to 15 higher to begin the holiday shortened week. Cotton futures rebounded by triple digits on Friday, with gains of 67 to 84 points coming on pre-weekend profit taking. The rally was not enough to offset the earlier week losses, and futures were down a net 220 points for the week. The CFTC reported the net short position for spec funds did get reduced by 1,166 contracts in the week ending Nov 19. Weekly online sales on The Seam through 11/21 were up to 16,413 bales; last week’s total was 18,087 through Thursday. The 11/20 Cotlook A Index was down for the third straight day, this time a full cent bringing the index to 73.40 cents/lb. The AWP for cotton is 56.36 cents per lb. and effective through Thursday.

--provided by Brugler Marketing & Management

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