Cotton futures closed out Friday with contracts down 14 to 226 contracts across the board, led by the front months. Outside pressure and a risk off approach into the weekend led the bears. December was down 27 points on the week. Crude oil was back down $2.49 per barrel on the session, with the US dollar index up $0.038.
USDA’s Crop Production report showed yield down 22 lbs to 776 lbs/acre, as production was cut by 410,000 bales to 13.2 million bales. Monthly WASDE data showed old crop US cotton stocks trimmed 50,000 bales to 4.15 million bales. New crop carryout was down 400,000 bales to 3.6 million bales due to the production changes and carryover.
