Cotton Gaining Through Midday

Cotton futures are up 53 to 83 points through midday. Old crop futures are the stronger, with gains of as much as 1%, while new crop gains are limited to 0.86% so far.

Per NASS, 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 91.00 cents/lb for 4/19 after dropping 125 points. USDA’s AWP for cotton is 68.16 cents/lb.

May 21 Cotton  is at 84.05, up 79 points,

Jul 21 Cotton  is at 85.48, up 77 points,

Dec 21 Cotton  is at 83.14, up 64 points

Market Commentary provided by:

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