Cotton Market Struggles With Bouts of Profit Taking

Cotton futures are 6 to 10 points higher after ending Thursday with losses of 34 to 45 points. The USDA updated weekly export sales for upland cotton, revealing that for the week ending 11/14 a total of 227,600 RB were sold, which was 35.04% below last week’s multi-year high for weekly sales. That was the third largest for this MY. Another 58,200 RB were sold for 20/21. The shipments through the week ending 11/14 were 137,886 RB. That raised the accumulated MY shipments to 2.748 MRB, that is 14.44% above last year’s pace and the highest through the first 16 weeks of the MY since 2008/09. Weekly cotton shipments to China increased by 39.94% wk/wk. With 21,954 RB shipped over the week, the MYTD accumulated China buys are 234,234 RB. The 11/20 Cotlook A Index was down another 60 points to 74.40 cents/lb. The weekly update to the AWP for cotton was reduced 70 points to 56.36 cents per lb.

--provided by Brugler Marketing & Management




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