NOVEMBER 3, 2023
DECEMBER FUTURES SETTLED BELOW 80.00 CENTS PER POUND FOR WEEK ENDING NOVEMBER 2
• Stock Market Finished Higher after the Federal Open Markets Committee Held Interest Rates Steady
• Marketing Year High Reached in Both Upland and Pima Sales for the Week Ending October 26
• Hard Freeze and Wet Weather Stalled Harvest, but Warmer Temperatures Expected in Week to Come
December futures fell below 80.00 cents per pound this week, settling below the long-term average. Much of the price action in the cotton market this week was technical related. Commodity index funds have started to roll their positions forward, which was a major contributor to this week’s sell-off. Pressure was also added from weak domestic cotton prices in China, slight uncertainty with the Fed’s rate decision this week, and continued geopolitical tensions.
