Cotton futures are trading 7 to 19 points lower this morning. They saw 23 to 30 point losses in most contracts on Friday. The USDA cotton production saw a yield drop of 22 pounds/ac to 838. An increase of 160,000 harvested acres meant production dropped only ~200,000 bales to 18.390 million bales. The US carryout projection was down 100,000 bales to 4.3 million bales. On the world side, ending stocks were up 1.31 million bales to 75.5 million, as Chinese supply was revised higher on lower consumption. Friday’s Cotton Ginnings report indicated that 16.663 million RB of cotton has been ginned this MY, with 15.993 million RB of that upland cotton. A delayed CFTC report through January 8 showed speculative money managers net short for the first time since April 2016. The Cotlook A Index was up 20 points on February 7 to 82.85 cents/lb. The USDA Adjusted World Price is 64.61 cents/lb through Thursday.
--provided by Brugler Marketing & Management