Cotton 18 to 20 Points Lower Going Into USDA Reports

Overnight cotton futures were 18 to 20 points lower. At the close on Monday, most cotton futures prices were 41 to 66 points higher. December contracts closed 41 points higher to 76.6 cents/lb. On average the trade is looking for a smaller cotton crop in USDA’s Crop Production report. The average of estimates is for a 290k bale reduction to 15.66 million. Yields are subject to subsequent ginning data and are thus not as “final” as for some other crops. Certified stocks reported by ICE were 68,740 bales as of 1/8. USDA’s Daily Spot Quotations report showed 5,131 bales were sold at spot for an average price of 76.07 cents. That is a MY high average spot price. The Cotlook A index dropped another quarter of a cent to 86.30 cents/lb on 01/08. The AWP is 62.25 cents/lb. 

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