Cotton Extending Thursday Gains by 63 to 73 Points

Cotton is trading 63 to 73 points higher this morning after also having closed higher on Thursday. The dollar is stronger, and equity futures are modestly lower. Yesterday, May cotton was the strongest with a 158 point move; Oct and Dec gained 71 points. The Export Sales report from USDA showed 147,535 RBs of cotton bookings. That was down 47% wk/wk and was 54% lower yr/yr. 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. Census data for February cotton exports totaled 1.97 million (480-lb) bales. That was 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 was lowered 236 points to 42.63 cents/lb. The LDP increased to 9.37 cents/lb, and both are in effect through next Thursday.

--- provided by Brugler Marketing & Management

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