Cotton Market 12 to 17 Higher

Cotton futures are 12 to 17 points higher. They closed 47 points lower to 8 points higher on Monday, breaking a 39 session trading day string of closes above the 18-day moving average. The 7 day forecast is calling for some moderate to heavy precipitation for North East Texas and most of Oklahoma. The South is forecasted to receive about an inch of accumulated precipitation. The USDA’s weekly crop progress report showed cotton harvest 53% complete. The average pace is 51%, and compared to last year we are 5 percentage points ahead of schedule. Texas was 42% complete, normally 38%, and GA has harvested 67% of their crop 11 percentage points ahead of average. The Cotlook A Index dropped 120 points for 11/01 to 75.25 cents/lb. The weekly AWP from 10/31 is 57.33 cents/lb and will be valid through Thursday.

--provided by Brugler Marketing & Management

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