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Cotton futures reported gains of up to 5 points on various nearby contracts on Tuesday. The USDA’s Crop Production report indicated an increase in yield by 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.
As of December 1, cotton ginned totaled 8.645 million RB, a 10.25% decline from the previous year. The Monday online auction from The Seam sold 5,608 bales at an average price of 60.2 cents/lb. The Adjusted World Price was updated to 51.28 cents/lb, and ICE certified cotton stocks remained steady at 13,971 bales.
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