Cotton Close Lower on Friday

Front month cotton futures were down 64 to 75 points on Friday, but Dec contracts maintained a 137 point gain for the week. From Friday to Friday, the Dec to March carry fell 9% to 0.58 cents (0.08%). Chinese cotton futures have closed red for three consecutive days on the Zhengzhou Commodity Exchange. Nov futures were down 6.5% from the 17 month high set three days earlier. Carry to Jan and March was 1.7% and 2.5% from Nov respectively. CFTC data showed managed money’s net long increased 5,253 contracts to 65,195 on 10/20. The week’s sales on The Seam were 17,641 bales for a wtd average price of 66.48 cents through Thursday. USDA’s Cotton Market Review had the week’s average cash price at 65.27 cents for the week ending 10/22. That was up 2.19 cents wk/wk and 3.78 cents above the same week last year. The Cotlook A index was firm at 76.85 cents/lb on 10/22. The AWP for the week is 55.71 cents/lb.

Dec 20 Cotton closed at 71.29, down 65 points,

Mar 21 Cotton closed at 71.87, down 64 points

May 21 Cotton closed at 72.45, down 64 points

Jul 21 Cotton closed at 72.86, down 68 points

--- provided by Brugler Marketing & Management




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