Cotton Futures Little Changed Ahead of USDA
December New York Cotton is trading at 67.95, up 0.17 cents/lb.
Cotton futures are trading just under the highs of the session Tuesday morning after Monday's sharp move up.
Market chatter about U.S. cotton production and global economic growth is ongoing.
The weekly cotton crop progress report showed 54 percent of the U.S cotton crop was rated good to excellent versus 56 percent a week ago and 57 percent a year ago. The ten year average at this time of year is 48 percent. Poor to very poor conditions rose from 8 percent a week ago to 11 percent. The Ten year average at this time of year is 20 percent.
The USDA World Agricultural Supply and Demand Estimates Report (WASDE) is due out at 12:00 p.m. ET.
Trading is expected to be choppy.
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