Cotton Market News and Commentary

Cotton futures are 26 to 65 points lower this morning. They closed 10 lower to 47 higher on Monday. Cotton bounced from chart support on Friday and is trying to hold those gains. A limited supply of higher quality cotton is being cited as a supporting factor for old crop futures. The main influence is the Friday USDA Planting Intentions report, which showed only 13.78 million acres for 2019. The Cotlook A Index was down 100 points at 85.30 on March 29. The USDA Adjusted World Price (AWP) is 68.23 cents/lb, good through Thursday. USDA indicated on Monday afternoon that 4% of the US cotton crop is planted (15 tracking states). That is ahead of the five year average of 3% but behind last year’s 6%. --provided by Brugler Marketing & Management

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