Cotton Market 41 to 53 Points Lower on Slow Mill Use

Cotton futures are trading 41 to 53 points lower this morning. They had a 12 point gain in the Dec contract on Monday, however the other front months were lower by 14 to 50 points. The monthly Cotton System utilization report from NASS showed that 1,283 running bales of cotton were consumed through October. That comes as an increase of 1.6% over last month, and a 26.4% drop from October 2018. The yearly average is now 1,636.3 RBs, which would be the lowest yearly average in at least 5 years. Cotton harvest, per the USDA weekly crop progress report, advanced to 83% completed. The four year average for the week ending 12-01 is 81%, and last year harvest was 74% complete through the same point. LA is 100% complete with AR and MS close behind at 97 and 99% respectively. The 11/29 Cotlook A Index was brought to an even 75 cents per pound, after a slight 10 point drop. The AWP is 56.20 cents /lb, and effective through Thursday.

---provided by Brugler Marketing & Management

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