Cotton FLirting With UNCH This Morning
Cotton futures are hovering a point or two on either side of UNCH this morning. They retreated 75 to 118 points on Turnaround Tuesday. Traders were taking some money off the table following Monday’s 18 month high and ahead of Thursday’s holiday. A swath of precip from the 7 day QPF shows much of Eastern TX to the East Coast getting hit, though harvest progressing faster than expected pressured the market on Tuesday. The Seam had another large 34,261 bales traded on Monday at an average price of 70.47 cents, up 79 points from the previous day. The Cotlook A index was up 130 points to 79.20 cents/lb as of November 23. The AWP for cotton is 56.84 cents/lb. through Thursday.
--- provided by Brugler Marketing & Management
