AgriCharts Market Commentary

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Cotton Futures Go Into the Weekend in the Red

The cotton market closed in the red on Friday, with front month futures down by as much as 46 points. That wasn’t enough to erase earlier March gains, as the front month futures were higher wk/wk, by 71 points. The weekly Commitment of Traders report showed that managed money was again net short cotton. The short shrank by 4,702 contracts wk/wk to 2,959 contracts. The Seam online cotton trading reported 55,784 bales sold online, with a 3.7% increase in average gross price. WTD bales sold is at 97,253 bales, an increase of 45.99% over last week’s (active) sales with Friday’s data yet to be added to the increase. The Cotlook A Index remained firm and is still at 75.35 for 12/12. The updated AWP for cotton increased by 69 points to 56.66 cents per lb.

Mar 20 Cotton closed at 66.71, down 46 points,

May 20 Cotton closed at 67.88, down 23 points

Jul 20 Cotton closed at 68.76, up 9 points

Oct 20 Cotton closed at 68.62, unch

---provided by Brugler Marketing & Management

Cotton Futures are Lower at Midday

The cotton market gives back overnight gains with the board showing front month futures down by as much as 56 points so far. The top three cotton purchasers from yesterday’s export sales report were Pakistan (61,339 RB), Vietnam (52,292 RB), and Bangladesh (19,214 RB). Vietnam accounts for a full quarter of all MY shipments. Export commitments for upland cotton are now 71% of the USDA export projection for 19/20, with the 5-year average pace at 64% and last year at 75%. The Seam online cotton trading reported 55,784 bales sold online, with a 3.7% increase in average gross price. The Cotlook A Index remained firm and is still at 75.35 for 12/12. The updated AWP for cotton increased by 69 points to 56.66 cents per lb. The previous movement was a 23 point decrease from last week.

Mar 20 Cotton is at 66.61, down 56 points,

May 20 Cotton is at 67.8, down 31 points

Jul 20 Cotton is at 68.64, down 3 points

---provided by Brugler Marketing & Management

Cotton Market Up 21 to 27 Points

The cotton market starts off with gains of 21 to 27 points while it waits for some sort of Chinese confirmation that the trade deal is a go. Cotton futures closed in the black on Thursday, with old crop advancing triple digits. Weekly USDA export sales were up 70% wk/wk with combined net sales shown at 283,676 RB. Those sales were also above the 5-week average of 277k RB. The report showed accumulated exports of cotton grew 6% to 3.286 MRB on the MY, which is 15.67% above last year’s pace. The Seam online cotton trading reported another active day for 12/11 with 14,209 bales sold at an average gross price of 58.42 cents per bale. The Cotlook A Index regained yesterday’s 50 points and is back to 75.35 for 12/11. The updated AWP for cotton increased by 69 points to 56.66 cents per lb. The previous movement was a 23 point decrease.

---provided by Brugler Marketing & Management

Thursday Cotton Grabbed Triple Digits

Cotton futures closed in the black, with old crop advancing triple digits. Weekly export sales data released from the USDA this morning showed that cotton sales were up 70% wk/wk with combined net sales shown at 283,676 RB, sales were also above the 5-week average of 277k RB. The report showed accumulated exports of cotton grew 6% to 3.286 MRB on the MY, which is 15.67% above last year’s pace. The Seam online cotton trading reported another active day for 12/11 with 14,209 bales sold at an average gross price of 58.42 cents per bale. The Cotlook A Index regained yesterday’s 50 points and is back to 75.35 for 12/11. The updated AWP for cotton increased by 69 points to 56.66 cents per lb. The previous movement was a 23 point decrease. China outbought Pakistan in cotton sales, for the week ending 12/05. The PRC is typically the third largest purchaser of cotton export sales, with Pakistan having been the top purchaser through November for 3/4 of the weeks.

Mar 20 Cotton closed at 67.22, up 134 points,

May 20 Cotton closed at 68.16, up 121 points

Jul 20 Cotton closed at 68.74, up 99 points

Oct 20 Cotton closed at 68.01, unch

---provided by Brugler Marketing & Management

Thursday Cotton Making a Triple Digit Move

Cotton futures are in the black at midday, with gains of 72 to 106 points (minus illiquid Oct) in the front months. Weekly export sales data released from the USDA this morning showed that cotton sales were up 70% wk/wk with combined net sales shown at 283,676 RB, sales were also above the 5-week average of 277k RB. The report showed accumulated exports of cotton grew 6% to 3.286 MRB on the MY, which is 15.67% above last year’s pace. The Seam online cotton trading reported another very active day for 12/10 with 21,933 bales sold at an average gross price of 59.89 cents per bale. The Cotlook A Index regained yesterday’s 50 points and is back to 75.35 for 12/11. The weekly AWP is 55.97 cents/lb through this afternoon

Mar 20 Cotton is at 66.94, up 106 points,

May 20 Cotton is at 67.92, up 97 points

Jul 20 Cotton is at 68.47, up 72 points

Oct 20 Cotton is at 68.01, unch

---provided by Brugler Marketing & Management


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com