AgriCharts Market Commentary

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Cotton Higher on Friday

Cotton futures saw gains of 72 to 91 points in the front months on Friday. The US dollar was down on the day, with crude oil back up 72 cents/barrel. July cotton was up 3.64% this week. The market will be back open for the Monday night session, in observance of the Memorial Day holiday. The CFTC Commitments report released on Friday indicated the large specs in cotton futures and options increasing their net short position by 12,258 contracts. That put them net short a record reported 37,086 contracts in the week ending May 21. USDA data shows cotton export shipments at 70% of USDA’s projected total, with the average pace at 78%. Including the unshipped sales, total commitments are 107% of that projection, with the average pace at 101%. The Cotlook A index for May 23 was down 55 points from the previous day to 77.75 cents/lb. The weekly Average World Price (AWP) is now 59.37 cents/lb, down 14 points from last week.

Jul 19 Cotton closed at 68.390, up 91 points,

Oct 19 Cotton closed at 67.990, up 76 points

Dec 19 Cotton closed at 67.550, up 72 points

--provided by Brugler Marketing & Management

Cotton Higher at Midday

Cotton futures are trading 79 to 103 points higher in most contracts on Friday, with a little help from the outside markets. The US dollar index is down 275 points at midday, with crude oil back up 40 cents/barrel. USDA data shows cotton export shipments at 70% of USDA’s projected total, with the average pace at 78%. Including the unshipped sales, total commitments are 107% of that projection, with the average pace at 101%. The Cotlook A index for May 23 was down 55 points from the previous day to 77.75 cents/lb. The weekly Average World Price (AWP) is now 59.37 cents/lb, down 14 points from last week.

Jul 19 Cotton is at 68.45, up 97 points,

Dec 19 Cotton is at 67.63, up 80 points

Mar 20 Cotton is at 68.350, up 79 points

--provided by Brugler Marketing & Management

Cotton Market Higher With Crude and Equities

Cotton futures are trading 31 to 51 points higher this morning. They posted 48 to 73 point gains in most contracts on Thursday. Crude oil was higher, and the dollar is a little weaker. Export sales of upland cotton were reported yesterday at 381,426 RB for old crop, a MY high and well above last year. India purchased 98,500 RB, with Turkey at 93,200 RB, as China canceled a net 25,127 RB. New crop upland sales were also a MY high 241,514 RB. Vietnam bought 79,000 RB, with China purchasing 19,800 RB. Shipments were at 348,597 RB, with Vietnam at 79,800 RB and 42,200 RB to China. USDA released information on the 2019 MFP payments, showing a county damage based payment rate, with the first of three payments this summer after planted acreage is reported to FSA. Payments will be based on aggregate 2019 acreage for producers of the 29 listed crops including cotton and not cotton directly. The Cotlook A index for May 22 was down 50 points from the previous day to 78.3 cents/lb. The weekly Average World Price (AWP) is now 59.37 cents/lb, down 14 points from last week.

--provided by Brugler Marketing & Management

Cotton Higher on Export Sales Data

Cotton futures posted 48 to 73 point gains in most contracts on Thursday. Export sales of upland cotton were reported at 381,426 RB for old crop, a MY high and well above last year. India purchased 98,500 RB, with Turkey at 93,200 RB, as China canceled a net 25,127 RB. New crop upland sales were also a MY high, 241,514 RB. Vietnam bought 79,000 RB, with China purchasing 19,800 RB. Shipments were at 348,597 RB, with Vietnam at 79,800 RB and 42,200 RB to China. USDA released information on the 2019 MFP payments, showing a county damage based payment rate, with the initial of three payments this summer. Payments will be based on aggregate 2019 acreage for producers of the 29 listed crops that were affected by trade including cotton. The Cotlook A index for May 22 was down 50 points from the previous day to 78.3 cents/lb. The weekly Average World Price (AWP) is now 59.37 cents/lb, down 14 points from last week.

Jul 19 Cotton closed at 67.480, up 73 points,

Oct 19 Cotton closed at 67.230, up 48 points

Dec 19 Cotton closed at 66.830, up 65 points

--provided by Brugler Marketing & Management

Cotton Higher on Export Sales Data

Cotton futures are trading 87 to 107 points higher at midday. USDA released information on the 2019 MFP payments this year, showing a county damage based payment rate, with the initial of three payments this summer. Payments will be based on aggregate acreage of the 29 listed crops that were affected by trade. Export sales of upland cotton were reported at 381,426 RB for old crop, a MY high and well above last year. India purchased 98,500 RB, with Turkey at 93,200 RB, as China canceled a net 25,127 RB. New crop upland sales were also a MY higher 241,514 RB. Vietnam bought 79,000 RB, with China purchasing 19,800 RB. The Cotlook A index for May 22 was down 50 points from the previous day to 78.3 cents/lb. The weekly Average World Price (AWP) is now 59.59 cents/lb, down 5.06 cents from last week.

Jul 19 Cotton is at 67.67, up 92 points,

Dec 19 Cotton is at 67.1, up 92 points

Mar 20 Cotton is at 67.880, up 87 points

--provided by Brugler Marketing & Management


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com