Cotton Futures Down 92 to 98 Points Overnight

The Wednesday session begins after losses of another 92 to 98 points from overnight action. The stock market futures turned lower, and the dollar is firmer. Cotton futures were higher by 14 to 43 points in the front months yesterday, with December 3 points lower. USDA’s Planting Intentions Survey showed cotton growers intend to plant 13.7 MA of 2020/21 cotton crop. That is just 35,000 acres lower than last year’s 13.738 MA. Traders were expecting to see between 11.7 and 13.60 million acres, so this was on the high side. TX cotton planting intentions were up the most, with a yr/yr increase of 251,000 acres to 7.313 million. Acreage plans in the MidSouth and Southeast are lower than last year. A USDA GAIN report estimates Turkey’s 480,000 HA will produce 3.5 million bales of 2020/21 cotton, that would be 200,000 bales below their 19/20 production. The Cotlook A index was 61.30 cents per pound, after a 150 point reduction on 03/30. The Adjusted World Price for cotton is 44.99 through tomorrow. The LDP is 7.01.

--- provided by Brugler Marketing & Management




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