Cotton Market Down 2 to 45 Points Overnight

Cotton futures are trading 2 to 45 points lower this morning. They closed 3 to 24 points higher on Friday, with deferred contracts lower. Dec cotton was down 2.75% on the week. The US dollar index is higher. Commitment of Traders data shows spec funds backing off their net short position in cotton futures and options by 9,674 contracts to -24,890 contracts on Tuesday. Export commitments of shipped and unshipped upland cotton sales are now 55% of USDA’s projected 19/20 total. That is above the 54% average pace but down from 68% for the same time last year. Thursday’s Cotton On-Call report showed mills with unfixed call sales of 23,888 contracts as of 9/13, with unfixed call purchases at 38,610 MT. The Cotlook A Index was down 90 points on September 19 at 71.50 cents/lb. The weekly AWP is 54.62, effective through Thursday.

-- provided by Brugler Marketing & Management

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