Cotton Market News and Commentary

Cotton futures are trading 10 points lower to 9 points higher this morning, with buying focused in new crop. They posted 38 to 93 point gains in most contracts on Friday. The Cotlook A Index was down 25 at 86.90 on April 3. The new USDA Adjusted World Price (AWP) is 68.22 cents/lb through Thursday. US export commitments for all upland cotton are 13.3% below the same time last year. They are now 93% of USDA’s projected full year 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.

--provided by Brugler Marketing & Management

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