Cotton Market Spikes Higher

Cotton futures are bouncing by 171 to 138 points at midday, May is the highest so far and lightly traded Oct futures are UNCH. The weekly update to Export Sales showed 147,535 RBs of cotton sold on the week ending March 26. That was down 47% wk/wk and was 54% below the same week from a year ago. The report showed 8.627 million RBs shipped through the first 35 weeks of the MY. That is 20.8% above last year’s pace. Of the total exports reported, 12% were to China, compared to last year when the nation accounted for 10.3% of the total. February cotton exports totaled 1.97 million (480-lb) bales. That was a MY high and 32.7% above Feb ’19. The Cotlook A index was up 60 points to 61.50 cents per pound on April 1st. The AWP for cotton is 44.99 and will be updated this afternoon and is likely to drop. The LDP will also likely get larger.

May 20 Cotton is at 50.79, up 238 points,

Jul 20 Cotton is at 50.5, up 228 points

Oct 20 Cotton is at 50.31, unch

Dec 20 Cotton is at 52.12, up 171 points

--- provided by Brugler Marketing & Management

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