Cotton Market Offsets Some Losses on Bottom Picking

Cotton futures are trading 23 to 54 points higher on Turnaround Tuesday. They posted sharp triple digit losses in the front months on Monday. May futures were the lowest since March 29. USDA showed that 7% of the US cotton crop has been planted as of 4/14, according to the weekly Crop Progress report. That is even with the average but behind the 8% from last year. The Seam showed cash sales of 12,381 bales on Friday, with an average price of 65.58 cents, down 189 points from the previous day. The Cotlook A Index was down 50 points at 86.70 on April 12. The weekly Average World Price (AWP) is 69.21, 99 points higher than the previous week and effective through Thursday for USDA program purposes.

--provided by Brugler Marketing & Management

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