Cotton Market News and Commentary

Cotton futures saw 38 to 93 point gains in most contracts on Friday, on follow through from Thursday’s Export Sales data. The Cotlook A Index was down 25 at 86.90 on April 3. The new USDA Adjusted World Price (AWP) is now 68.22 cents/lb, down .01 from last week. US export commitments for all upland cotton are now 13.3% below the same time last year. They are now 93% of USDA’s projected export total, with the average for this date at 94%. As of Tuesday, CFTC data indicated spec funds in ICE cotton futures and options adding 8,134 contracts to their now net long position of 8,707 contracts. The USDA Ag Attach estimates Pakistan 19/20 cotton production will be up 500,000 bales yr/yr to 8 million bales. They also see Brazil’s production up 750,000 bales from 18/19 at 12.5 million bales in 18/19. Official USDA projections will not be out until May.

May 19 Cotton closed at 78.250, up 93 points,

Jul 19 Cotton closed at 78.590, up 58 points

Oct 19 Cotton closed at 77.290, up 38 points

--provided by Brugler Marketing & Management

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