Cotton Close Lower on Larger Stocks Estimates

Cotton futures closed Thursday with most nearby contracts 52 to 89 points in the red. The monthly USDA report this morning showed old crop cotton ending stocks up 350,000 bales from June at 5 million bales, with a reduction to both domestic usage and exports. The new crop balance sheet saw a similar increase, mainly from the larger carryin, up 300,000 bales to 6.7 million bales. World stocks saw a 1.74 million bale jump to 79.27 million bales for old crop, with new crop up 3.16 million to 80.42 million bales. All upland cotton export sales in the week that ended on July 4 were tallied at 53,406 RB for old crop, with China cancelling 10,041 RB. New crop bookings were shown at just 38,447 RB, a 12-week low. Total sales were down 75.38% from the same week a year ago. Shipments were at 333,212 RB, with just 17,924 RB to China. The Cotlook A index for July 10 was down 235 points from the previous day at 74.30 cents/lb. The USDA AWP is 59.32 cents/lb, and will be updated later today.

OCT 19 Cotton closed at 63.02, down 52 points,

DEC 19 Cotton closed at 63.11, down 71 points

MAR 19 Cotton closed at 64.23, down 83 points

MAY 20 Cotton closed at 65.2, down 89 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

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.