AgriCharts Market Commentary

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Cotton Market Higher With Crude and Equities

Cotton futures are trading 31 to 51 points higher this morning. They posted 48 to 73 point gains in most contracts on Thursday. Crude oil was higher, and the dollar is a little weaker. Export sales of upland cotton were reported yesterday at 381,426 RB for old crop, a MY high and well above last year. India purchased 98,500 RB, with Turkey at 93,200 RB, as China canceled a net 25,127 RB. New crop upland sales were also a MY high 241,514 RB. Vietnam bought 79,000 RB, with China purchasing 19,800 RB. Shipments were at 348,597 RB, with Vietnam at 79,800 RB and 42,200 RB to China. USDA released information on the 2019 MFP payments, showing a county damage based payment rate, with the first of three payments this summer after planted acreage is reported to FSA. Payments will be based on aggregate 2019 acreage for producers of the 29 listed crops including cotton and not cotton directly. The Cotlook A index for May 22 was down 50 points from the previous day to 78.3 cents/lb. The weekly Average World Price (AWP) is now 59.37 cents/lb, down 14 points from last week.

--provided by Brugler Marketing & Management

Cotton Higher on Export Sales Data

Cotton futures posted 48 to 73 point gains in most contracts on Thursday. Export sales of upland cotton were reported at 381,426 RB for old crop, a MY high and well above last year. India purchased 98,500 RB, with Turkey at 93,200 RB, as China canceled a net 25,127 RB. New crop upland sales were also a MY high, 241,514 RB. Vietnam bought 79,000 RB, with China purchasing 19,800 RB. Shipments were at 348,597 RB, with Vietnam at 79,800 RB and 42,200 RB to China. USDA released information on the 2019 MFP payments, showing a county damage based payment rate, with the initial of three payments this summer. Payments will be based on aggregate 2019 acreage for producers of the 29 listed crops that were affected by trade including cotton. The Cotlook A index for May 22 was down 50 points from the previous day to 78.3 cents/lb. The weekly Average World Price (AWP) is now 59.37 cents/lb, down 14 points from last week.

Jul 19 Cotton closed at 67.480, up 73 points,

Oct 19 Cotton closed at 67.230, up 48 points

Dec 19 Cotton closed at 66.830, up 65 points

--provided by Brugler Marketing & Management

Cotton Higher on Export Sales Data

Cotton futures are trading 87 to 107 points higher at midday. USDA released information on the 2019 MFP payments this year, showing a county damage based payment rate, with the initial of three payments this summer. Payments will be based on aggregate acreage of the 29 listed crops that were affected by trade. Export sales of upland cotton were reported at 381,426 RB for old crop, a MY high and well above last year. India purchased 98,500 RB, with Turkey at 93,200 RB, as China canceled a net 25,127 RB. New crop upland sales were also a MY higher 241,514 RB. Vietnam bought 79,000 RB, with China purchasing 19,800 RB. The Cotlook A index for May 22 was down 50 points from the previous day to 78.3 cents/lb. The weekly Average World Price (AWP) is now 59.59 cents/lb, down 5.06 cents from last week.

Jul 19 Cotton is at 67.67, up 92 points,

Dec 19 Cotton is at 67.1, up 92 points

Mar 20 Cotton is at 67.880, up 87 points

--provided by Brugler Marketing & Management

Cotton Market Back Up Ahead of Export Sales

Cotton futures were 35 to 40 points higher overnight, taking back losses of 45 to 72 points in most contracts sustained on Wednesday. The US dollar index is stronger, while US stock futures are lower as US firms sustain costs while trying to reduce their reliance on Chinese manufacturing. USDA will release their weekly Export Sales update later this morning, with most eyes on Chinese actions in the reporting week that ended on May 16. The Cotlook A index for May 21 was up 220 points from the previous day to 78.8 cents/lb. The weekly Average World Price (AWP) is now 59.59 cents/lb, down 5.06 cents from last week.

--provided by Brugler Marketing & Management

Cotton Lower on Wednesday

Cotton futures were down 45 to 72 points in most contracts on Wednesday. USDA will release their weekly update to the Export Sales report on Thursday, with most eyes on Chinese actions in the reporting week that ended on May 16. The Cotlook A index for May 21 was up 220 points from the previous day to 78.8 cents/lb. The weekly Average World Price (AWP) is now 59.59 cents/lb, down 5.06 cents from last week. Cotton producers would also see more MFP money in the aid package being considered by the White House, but details on the level have not been made public.

Jul 19 Cotton closed at 66.750, down 57 points,

Oct 19 Cotton closed at 66.750, down 45 points

Dec 19 Cotton closed at 66.180, down 72 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
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com