Cotton Market Up 48 to 81 Points

Cotton futures are currently 48 to 81 points higher. They were down 65 to 101 points in the front months on Thursday. The Export Sales report indicated that 54,034 RB of 18/19 upland cotton was sold in the week that ended on July 11. That was more than 4 times the same week last year. New crop bookings were the third largest this MY @ 218,900 RB. That was still down 11.63% from the same week last year, with Vietnam buying 100,900 RB. Weekly shipments were shown at 310,285 RB, but only 7,641 RB went to China. The total was down 6.88% from last week and 36.5% larger than the same week last year. The Cotlook A index for July 17 was down 75 points from the previous day at 74.20 cents/lb. The weekly AWP is 55.81 cents/lb effective through next Thursday. This is still above the 52 cent loan rate, i.e. there is no LDP or MLG. USDA also noted that the “costs to market” adjustment for the 2019/20 crop year will be 15.20 cents/lb and will become effective for the week beginning 12:01 a.m. August 9, 2019.

--provided by Brugler Marketing & Management

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