Cotton Market News and Commentary

Cotton futures traded mixed overnight, with new crop currently 3 lower while old crop May and July are as much as 43 points higher this morning. They saw 66 to 108 point losses in most contracts on Thursday. The weekly Export Sales report from USDA indicated that 218,966 RB of old crop upland cotton was sold in the week of 3/21. Vietnam was the lead buyer of 98,600 RB, with 36,697 RB sold to China. New crop Sales totaled 175,612 RB, with 32,728 RB for China and 118,800 RB for Bangladesh. Total combined upland sales were the largest reported for any week this MY, and 7.69% above the same week last year. Weekly exports were a marketing year high of 379,970 RB. The Cotlook A Index was up 25 points on March 27 @ 87.30 cents/lb. The USDA Adjusted World Price (AWP) was updated to 68.23 cents/lb, a jump of 2.4 cents from last week. The annual Planting Intentions report will be released today, with traders showing an average guess of 14.498 million acres for cotton in 2019, up 400,000 acres from 2018.

--provided by Brugler Marketing & Management

Market Commentary provided by:

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