Cotton Market Commentary

Cotton futures are trading 69 to 77 points lower this morning. They were 25 to 36 points lower on Wednesday. The USDA report projected 2018 US cotton yield at 895 lb/ac, down 16 pounds from August. However, a higher harvested acreage number 0.55 million ac increased production to 19.68 million bales. A larger export estimate helped to offset that with ending stocks up 100,000 bales from August to 4.7 million. New crop world cotton carryout was up 360,000 bales to 77.46 million bales. The Cotton Ginnings report indicated that 489,100 RB had been ginned as of September 1, all in Texas. That was down 14.3% from the same time last year. The Cotlook A index was up 170 points from the previous day at 93.40 cents/lb on September 11. The USDA AWP is currently 73.77 cents/lb, and will be updated later today.




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