Cotton Closes with Gains Despite USDA Raising US Production

Group 1 - Cotton futures gained 10 to 19 points at the close despite a mildly bearish USDA report [1] - USDA's Crop Production report raised yield by 10 lbs/acre to 929 lbs, increasing production by 150,000 bales to 14.27 million bales [2] - Projected ending stocks were adjusted up by 200,000 bales to 4.5 million, while the cash average price was trimmed by 2 cents to 60 cents/lb [2] Group 2 - Cotton Ginnings data reported 8.645 million RB of cotton ginned as of December 1, reflecting a 10.25% decline from the same date last year [3] - Commitment of Traders data indicated a reduction of 10,311 contracts from the net short position to 63,782 contracts for the week ending November 4 [3] - The Monday online auction saw sales of 5,608 bales at an average price of 60.2 cents/lb, with the Cotlook A Index down 25 points at 73.95 cents [4]