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Opinion

Confidence still high as cotton market improves

COTTON started the week on a positive note with December closing 24 points higher to settle at 83.61 in light volume.

Futures volume was estimated at 9345 contracts as compared to Friday's cleared volume of 15,101 in which open interest was down 322.

There was some weekend rain across parts of West Texas that is set to move back into Central Texas over the week.

Rainfall ranged from 0.25 up to over two inches.

Additionally, light rain fell across Louisiana, Arkansas and parts of Mississippi disrupting harvest again as well.

Field reports continue to suggest that the Delta has a better than average crop, provided they can get it harvested.

Crop reviews from Georgia and West Texas are reported to be less glowing.

Meanwhile, arrivals as indicated by the EWR figures show cotton is again filling up the pipeline so to speak.

Since Friday, Texas added 18,032 bales, Louisiana added 11,188 bales, Arkansas added 10,237 bales and Georgia put on another 8340 just to highlight the four largest daily gainers.

According to EWR Inc, total new crop receipted equals six per cent of expected production.

Topics:  commodities cotton exports markets


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