Cotton Market Commentary

Cotton futures are 118 to 125 points lower this morning after they posted 114 to 134 point gains in the front months on Wednesday. There were hopes that China follows through with the commitments to buy more US ag goods. The US dollar is a little weaker. However, the appointment of hard line USTR Lightheizer as chief negotiator and the arrest of a Huawei executive yesterday seemed to dim prospects of a deal. The Cotlook A index was 100 points higher than the previous day on Dec 3 at 87.80 cents/lb. The weekly USDA AWP is 67.92 cents/lb. The Cert stocks level as of December 4 was at 140,322 bales. There were deliveries of another 32 contracts against December overnight, again all stopped by an SG Americas client.

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