Cotton futures are 20 to 30 points lower this morning after they were mixed yesterday. The US dollar was 376 points lower yesterday. The dollar was weaker again last night but has turned higher this morning. The USDA reported harvest progress in TX was at 27% vs. the average of 19%, as GA was 19% complete. Cotton conditions in TX improved 8 points for that week. Analysts are looking for little change to world cotton ending stocks in today’s. There is keen interest in the US average yield, given improving Texas ratings, but also storm damage in the Southeast. The Cotlook A index for October 10 was even with the previous day at 78.80 cents/lb. The Export Sales report will be delayed until Friday morning due to the Monday federal holiday.
Market Commentary provided by:
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