Cotton futures rose 10 to 19 points despite a mildly bearish USDA report. Crude oil futures dropped 49 cents to $58.39, while the US dollar index increased by $0.114 to $99.175. USDA’s Crop Production report raised yield to 929 lbs/acre, increasing production to 14.27 million bales. Ending stocks projected at 4.5 million bales with a cash average price of 60 cents/lb.

Cotton Ginnings data showed a 10.25% decline to 8.645 million RB ginned by December 1. Commitment of Traders data for the week ending November 4 revealed specs trimming 10,311 contracts to 63,782 net short contracts. The Monday auction from The Seam saw sales on 5,608 bales at an average price of 60.2 cents/lb.

Mar 26 Cotton closed at 63.86, up 18 points, May 26 Cotton closed at 64.92, up 16 points, Jul 26 Cotton closed at 65.91, up 11 points. ICE certified cotton stocks remained steady at 13,971 bales on 12/8. Adjusted World Price was updated to 51.28 cents/lb, up 51 points from the previous week.

Read more at Yahoo Finance: Cotton Closes with Gains Despite USDA Raising US Production