Cotton Futures Higher on Weak Dollar, Global Optimism

Cotton bulls recovered from the afternoon pullback overnight, getting the board 74 to 127 points higher this morning. The US dollar index futures were lower overnight but have come back up this morning. On Monday front month cotton futures closed mixed after posting midday gains. Old crop prices were down 32 to 45 points. New crop futures were 3 points in the red for December, but 7 points in the black for March.

Cotton planting progressed 3 percentage points to 11% complete during the week ending 4/18. The 5-yr national average pace is 9%. TX is 16% planted, compared to their 13% average pace, and GA is 5% planted, up from the 3% average.

USDA’s DSQ reported 995 bales sold, and basis improved to -4.18 cents/lb. The MYTD spot sales were up to 1.33m bales. The Cotlook A index was 92.25 cents/lb for 4/16 after another 75 point increase. USDA’s AWP for cotton is 68.16 cents/lb.

May 21 Cotton  closed at 83.26, down 45 points, now up 121

Jul 21 Cotton  closed at 84.71, down 32 points, now up 112

Dec 21 Cotton  closed at 82.5, down 3 points, now up 113

Market Commentary provided by:

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