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ICE Cotton Ends Bit Higher on Neutral WASDE; Pared Gains after the Report

10 Oct 2020 8:20 am
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Mumbai (Commodities Control) – The cotton market ended its Friday session fractionally higher as USDA issued a benign supply and demand report. Infact ICE cotton futures pared early gains after the release of the United States Department of Agriculture's (USDA) monthly supply and demand report.

Cotton contracts for December were up 0.47 cent, or 0.7%, at 67.96 cents per lb as of 12:17 p.m. EDT, having touched their highest since Feb. 24 at 68.68 cents and closed at 67.64 cents, up 15 points. December cotton closed 1.82 cents higher for the week, up 1.85 cents for the month and only 2.72 cents lower on the year.

March 21 Cotton closed at 68.42 cents, up 16 points, May 21 Cotton closed at 69.12 cents, up 22 points and July 21 Cotton closed at 69.61 cents, up 29 points.

As per the USDA's World Agriculture Supply and Demand Estimates (WASDE) report, U.S. cotton and world production for the 2020/21 crop year was lowered compared to last month.

USDA’s 2020/21 cotton production is 17.05 million bales. The average yield was down 1 at 909 lbs. per acre. The 2020-21 export figure was unchanged at 14.6 m bales. USDA sees ending stocks at 7.2 million bales. They increased the cash average price to 61 cents per pound, up 2 from 59 cents in September.

Next Week, the Market will assess what damage Hurricane Delta might have done to the crop. With Monday being Columbus Day, the weekly reports will be delayed a day. So, on Tuesday afternoon, USDA will issue another crop harvest report at 4 p.m.

Last week’s numbers had the crop 83% bolls open and 17% harvested. Then, on Friday, another round of export sales will be issued. It is hoped that, with China beyond its Golden Week celebrations, it will be a more vibrant participant.

CFTC’s Weekly data release showed cotton speculative traders were 53,080 contracts net long on October 6. That was up 1,952 contracts from last week’s net long.

Support and Resistance for Cotton #2 lies at 66.81 cents and 69.09 cents per lb, respectively.

(Commodities Control Bureau)

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