Cotton Market Commentary

Cotton futures were 25 to 36 points lower on Wednesday, closing nearly triple digits off their lows in December. This morning’s USDA report projected 2018 US cotton yield at 895 lb/ac, down 16 pounds from August. However, a higher acreage number at 14.04 million acres planted and 10.55 mill ac harvested increased production to 19.68 million bales. A larger export number 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. This morning’s 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 weekly AWP is currently at 73.77 cents/lb, and will be updated on Thursday.

Oct 18 Cotton closed at 82.760, down 27 points,

Dec 18 Cotton closed at 82.640, down 25 points

Mar 19 Cotton closed at 83.030, down 28 points

Market Commentary provided by:

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