Cotton prices are down 123 to 157 points across the front months early on Thursday. Futures saw strength on Wednesday, with contracts 8 to 48 points higher, as December was the lone holdout, down a tick. Crude oil was down just 62 cents per barrel, with the US dollar index $0.140 higher.
USDA’s Crop Production report from Wednesday morning showed cotton down just 90,000 bales to 13.61 million bales. Acres were raised by 0.62 million acres to 10.47 million. Yield was trimmed by 74 lbs/ac to 798 lbs. Old crop stocks were unchanged at 4.2 million bales, with new crop down 100,000 bales to 4 million.
