Cotton Market Higher on Weak Dollar

Cotton futures are trading 37 to 43 points higher this morning. They closed 61 to 80 points lower on Thursday. The dollar is weaker this morning following the Easter bombing attacks on Christian churches and hotels with Western guests in Sri Lanka. The markets were closed on Friday, but CFTC was open. The large spec funds reduced their CFTC net long position in cotton by 3,186 contracts in the week ending April 16. The funds were still net long 11,467 contracts of futures and options on that date. USDA reported old crop upland cotton export sales were down 25% from the previous week at 217,600 RB, with 20,600 RB booked for 2019/20. The Cotlook A Index was up 150 points at 87.75 on April 17. The new weekly Average World Price (AWP) is 68.88, effective through Thursday. USDA ag attach reports suggest that Chinese cotton imports will rise 200,000 MT to 2.0 MMT in 2019/20. --provided by Brugler Marketing & Management




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