Cotton Futures Mixed With CFTC Showing More Spec Longs

Cotton futures are trading 8 points lower to 18 points higher to start the week. They saw 60 to 174 point gains in the front months on Friday. China has approved an additional 800,000 MT import quota for 2019, on top of the 840,000 MT TRQ required by WTO. May cotton options expired Friday, resulting in some position squaring activity. Spec funds in cotton futures and options added 5,945 contracts to their net long position at 14,652 contracts as of 4/9. Total export commitments for upland cotton did gain a little ground vs. a year ago last week, now down 12.5%. USDA’s projected 15 million bale projected export total is now 95% achieved via total commitments, matching the average pace. Keep in mind that the total needs to go well over 100% because some business is inevitably delayed into the new crop slot by logistics or financing. The Cotlook A Index was down 50 points at 87.20 on April 11. The weekly AWP was updated to 69.21, 99 points higher than the previous week. --provided by Brugler Marketing & Management

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