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Cotton futures closed on Tuesday, with gains ranging from 10 to 19 points despite a mildly bearish USDA report. The USDA’s Crop Production report indicated a yield increase of 10 lbs/acre to 929 lbs, raising total production by 150,000 bales to 14.27 million bales. Projected ending stocks were revised up by 200,000 bales to 4.5 million, while the cash average price was slightly reduced to 60 cents/lb.
As of December 1, Cotton Ginnings data showed 8.645 million RB ginned, marking a 10.25% decline from the previous year. The Commitment of Traders data for the week ending November 4 revealed a reduction of 10,311 contracts from the net short position, bringing it to 63,782 contracts.
Cotton futures for Mar 26 closed at 63.86 (up 18 points), May 26 at 64.92 (up 16 points), and Jul 26 at 65.91 (up 11 points). The Cotlook A Index was recorded at 73.95 cents, down 25 points, while the Adjusted World Price increased by 51 points to 51.28 cents/lb.
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