Cotton Mixed after Report

Front month futures are trading in both directions as traders digest the USDA reports. May and Dec are up 5 and 7 points respectively, while July futures are 2 points lower. USDA WASDE updates for March lowered the 19/20 cotton yield 12 lbs/acre to 805, that dropped cotton production to 19.80 million bales, down 1.49% from Feb, but still 7.78% above the 18/19 MY. Despite the lower production estimate, and the accompanying tightening of ending stocks, USDA lowered the average cash price for cotton 2 cents to 60 c/lb. World cotton ending stocks were projected 83.4 million bales. That was a 1.28 million bale increase over Feb. The Cotton Ginnings report showed 19,306,800 bales were ginned through March 1st. That is still 10% above last year’s ginnings, but is no longer above the 17/18 pace. The 03/09 Cotlook A index was down 45 points to 72.15 c/lb. The AWP for cotton for the week is 53.36 c/lb.

May 20 Cotton is at 61.26, up 5 points,

Jul 20 Cotton is at 61.89, down 2 points

Oct 20 Cotton is at 62.16, unch

Dec 20 Cotton is at 62.18, up 7 points

--- provided by Brugler Marketing & Management

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