Cotton Market Corrects Higher

Cotton futures are trading 14 to 46 points higher this morning. They were down 139 to 213 points in most contracts on Monday, after President Trump announced a hike from 10% to 25% for tariffs on $200 billion of Chinese goods effective this Friday. Reports show that Chinese trade reps are still planning to come to DC for talks on Thursday and Friday after initial concerns that they would cancel. The Monday afternoon Crop Progress report indicated that 18% of the US cotton crop was planted by May 5, a move of 7% from the week prior. That is even with a year ago but lagging the average by 1%. The weekly Average World Price (AWP) is now 68.27 cents/lb, down 41 points from the previous week. The Cotlook A index was down 125 points from the previous day on May 3 at 84.95 cents/lb.

--provided by Brugler Marketing & Management

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