Cotton Mostly Lower But July Up 33

Cotton is trading 23 lower to 33 higher this morning, with buying concentrated in the July. The dollar is weaker, and the US stock market futures are higher. Cotton futures rallied from midday lows yesterday and finished with gains. Old crop futures were 88 to 96 points higher, and new crop ended the session with 2 to 5 point gains. In the Crop Progress report, cotton was 96% planted as of June 21. New crop cotton was 27% squared, which is 1% point ahead of the 5-yr average. Cotton conditions were down 15 points this week on the Brugler500 index. Texas ratings were down 30 points to 277. Virginia, which only accounts for about 1% of cotton production, had 98% of the crop there either good or excellent. USDA’s reported weekly average spot price for base quality cotton was 56.19 cents/lb, down 4.58 cents wk/wk. USDA reported spot sales totaled 6,220 bales, also for the week ending June 18. The Weekly Cotton Market Review also noted YTD cash sales are still 310,402 bales ahead of last MY’s pace, with 1.541 million bales sold at spot. The June 19 Cotlook A index was 40 points lower to 68.20c/lb. The AWP for cotton for the week is 48.87 cents/lb. LDP is 3.13 cents.

--- provided by Brugler Marketing & Management




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