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Cotton Posting Marginal Gains on TuesdayCotton futures are sneaking out midday gains on Tuesday of 1 to 8 points. The outside markets are supportive, with crude oil up 44 cents/barrel and the US dollar index 440 points lower. US cotton exports during September totaled 502,522 bales, which was a 9-year low. That was down 23.11% from a year ago and 26.64% below the August total. Crop Progress data from NASS showed the US cotton harvest at 63% complete as of November 3, which is now 9% faster than the 5-year average pace. The Seam reported 686 bales of online sales on November 4 at an average price of 70.43 cents/lb. ICE cotton stocks were unchanged on Monday, leaving 174 bales of certified stocks. The Cotlook A Index was back up 50 points on 11/4 at 82.20 cents/lb. The USDA Adjusted World Price (AWP) was down 74 points to 58.54 cents/lb per last Thursday afternoon’s update. Mar 25 Cotton is at 72.35, up 8 points, May 25 Cotton is at 73.77, up 1 point, Jul 25 Cotton is at 75.05, up 2 points On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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