Cotton Futures Trading Lower at Midday

Down 42 to 214 points in the front months, cotton futures start the new week with more losses. May cotton futures were 249 points lower last week. Global governments continue to restrict movement and urge that retail purchases focus on food and medicine. The dollar index is stronger, and the US stock market futures higher. The middle Eastern region of Texas, through Eastern Oklahoma and Arkansas is projected to get 2” to 3 1/2” of accumulated precipitation in the next 7 days. The weekly CoT report showed managed money cotton funds were 15,255 contracts net short on 03/24. That is the largest net short in 23 weeks for that group. Managed money OI was down 3,576 contracts wk/wk to 53,551 contracts. Spec trader OI as of Tuesday was the lowest it’s been since 2012. The Cotlook A index was 62.80 cents per pound, after a 75 point reduction on 03/27l. The AWP for cotton is 44.99 through Thursday. The LDP is 7.01.

May 20 Cotton is at 49.19, down 214 points,

Jul 20 Cotton is at 49.16, down 212 points

Oct 20 Cotton is at 52.92, down 42 points

Dec 20 Cotton is at 52.16, down 133 points

--- provided by Brugler Marketing & Management

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