AgriCharts Market Commentary

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Cotton

Cotton futures finished the week with triple digit gains in the nearby contracts. July posted a 3.07% gain since last Friday. Thursday’s CFTC Cotton on Call report showed mills trimming their unfixed call sales for July by 3,090 contracts. As of May 18 they still had 46,553 contracts for July. Spec funds in cotton futures and option added 2,231 contracts to their net short position of 91,491 contracts as of Tuesday. China sold another 30,008 MT of cotton offered at an auction of state reserves on Thursday. The Cotlook A index was down 45 points from the previous day to 94.45 cents/lb on May 24. The AWP was updated to 76.33 cents/lb on Thursday, up 2.24 cents/lb from the previous week.

Jul 18 Cotton closed at 89.210, up 175 points,

Oct 18 Cotton closed at 87.520, up 122 points

Dec 18 Cotton closed at 86.650, up 110 points

Cotton

Cotton futures are trading 43 to 91 points higher at the moment, despite a sharply higher US dollar index. Thursday’s CFTC Cotton on Call report showed mills trimming their unfixed call sales for July by 3,090 contracts. As of May 18 they still had 46,553 contracts for July. Upland cotton export commitments are now 18.8% ahead of last year and 112% of the full year export estimate. Most years commitments would be 99% of WASDE figure by now. China sold another 30,008 MT of cotton offered at an auction of state reserves on Thursday. The Cotlook A index was down 45 points from the previous day to 94.45 cents/lb on May 24. The AWP was updated to 76.33 cents/lb on Thursday, up 2.24 cents/lb from the previous week.

Jul 18 Cotton is at 88.37, up 91 points,

Oct 18 Cotton is at 86.73, up 43 points

Dec 18 Cotton is at 86.38, up 83 points

Mar 19 Cotton is at 85.870, up 73 points

Cotton

Cotton futures are 19 to 64 points higher this morning, expanding the upside breakout. They posted strong gains of 50 to 150 points in most contracts on Thursday. Upland cotton exports were stout last week at 402,955 RB. That was 21% larger than the same week in 2017. Upland cotton export commitments are now 18.8% ahead of last year and 112% of the full year export estimate. Most years commitments would be 99% of WASDE figure by now. China sold another 30,000 MT of cotton offered at an auction of state reserves on Thursday. This could be helpful for the US export market, as they look to bring in bales of higher quality cotton to blend with their lower quality. The Cotlook A index was down 100 points from the previous day to 94.90 cents/lb on May 23. The AWP was updated to 76.33 cents/lb on Thursday, up 2.24 cents/lb from the previous week.

Cotton

Cotton futures posted strong gains of 50 to 150 points in most contracts on Thursday. The dollar provided a little support, down 229 points. This morning’s USDA Export Sales report indicated that just 50,664 RB of old crop upland cotton were sold for export in the week of May 17. That was a MY low, but still more than 3 times larger than the same week last year. New crop sales were reported at 152,178 RB. Exports of upland cotton have remained at a high pace at 402,955 RB, 21% larger than the same week in 2017. China sold another 30,000 MT of cotton offered at an auction of state reserves on Thursday. This could be helpful for the US export market, as they look to bring in bales of higher quality cotton to blend with their lower quality. The Cotlook A index was down 100 points from the previous day to 94.90 cents/lb on May 23. The AWP was updated to 76.33 cents/lb on Thursday, up 2.24 cents/lb from the previous week.

Jul 18 Cotton closed at 87.460, up 50 points,

Oct 18 Cotton closed at 86.300, up 109 points

Dec 18 Cotton closed at 85.550, up 150 points

Cotton

Cotton futures are posting triple digit gains in most contracts at midday. This morning’s USDA Export Sales report indicated that just 50,664 RB of old crop upland cotton were sold for export in the week of May 17. That was a MY low, but still more than 3 times larger than the same week last year. New crop sales were reported at 152,178 RB. China sold another 30,000 MT of cotton offered at an auction of state reserves on Thursday. This could be helpful for the US export market, as they look to bring in bales of higher quality cotton to blend with their lower quality. The Cotlook A index was down 100 points from the previous day to 94.90 cents/lb on May 23. The current AWP of 74.09 cents/lb will be updated later today.

Jul 18 Cotton is at 87.37, up 41 points,

Oct 18 Cotton is at 86.45, up 124 points

Dec 18 Cotton is at 85.4, up 135 points

Mar 19 Cotton is at 84.960, up 133 points


Market Commentary provided by:

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