Cotton Market 11 to 16 Points Lower

Overnight cotton trading has futures 11 to 16 points lower in early Friday trade. Front month cotton futures ended Thursday with 55 to 68 point losses. USDA’s Export Sales report showed 131,458 RBs were sold on the week ending August 27. Cotton sales to China were 47% of the total. July cotton exports were 1.63m 480lb bales according to Census data. That was 13% higher yr/yr, and brought the 2019/20 MY total to 15.95m bales. The MY total was 3% higher yr/yr and the third highest all time (behind 06/07 and 17/18). USDA’s Ag Attaché sees India’s cotton production at 28.9 million 480lb bales. That is below USDA’s official August forecast citing smaller area. The Ag Attaché in China sees a slight 185,000 bale bump to production with a yield above USDA’s official estimate. WTD sales on The Seam are 4,025 bales at a wtd average price of 58.59 cents/lb. The Cotlook A index for 9/2 was 71 cents/lb, back up 15 points. The FSA lowered the week’s AWP for cotton by 6 points to 50.44 cents/lb. The week’s new LDP is 1.56 cents.

--- provided by Brugler Marketing & Management




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