Cotton Mostly Higher Ahead of Export Sales Data

Cotton futures are 3 points lower in nearby October, but up as much as 28 points in the other months ahead of the weekly USDA export sales numbers. They were down 62 to 97 points in most contracts on Wednesday. As expected, the Fed cut interest rates by 0.25% (target range 1.75-2.0%) following their two-day meeting. The dollar rallied 320 points after the announcement in “sell the rumor, buy the fact” action. Crude oil was down another 1.9% on Wednesday, after the Saudis indicated that they would fill in missing crude oil production from reserves. The Cotlook A Index was up 5 points on September 17 at 73.70 cents/lb. The weekly AWP is 52.28, effective through Thursday.

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