Cotton Market Leans Lower After Early Week Gains

Cotton futures are 4 to 29 points lower in the last session before the Thanksgiving holiday. Participation is expected to be on the light side, as some make it a 4 or even 5 day holiday. Cotton continued Monday’s rally on Tuesday with May futures leading the way (+25 points) at the close. Cash sales started the week off strong with the Seam posting 12,620 bales sold on 11/25. USDA cotton ginnings report data showed that as of Nov 15th 9.143 Million bales had been ginned. That was up 32.72% over last November and 48% over the 15 year average; and was the highest ginnings figure for November since 2012/13. The Alabama harvest is 8 percentage points above their average pace, and SC is 14 points ahead of their average harvest pace. The 11/25 Cotlook A Index was down 85 points higher at 74.10 cents/lb. The AWP for cotton is 56.36 cents per lb. and effective through Friday. Cert stocks continue to rise, providing liquidity for December futures deliveries.

--provided by Brugler Marketing & Management

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