Cotton Market Mixed to Mostly Lower

Cotton futures are firm to lower at midday. Dec through May futures are within 5 points of UNCH, while Oct and near expiration July are deeper in the red with 17 and 242 point losses respectively. Old crop cotton bookings from the Export Sales report were 43,772 RBs on the week ending July 2. That was down 35% wk/wk and 18% below the same week last year. Total commitments through July 2 (17.03m RBs) are still 11% above last year and the highest since the 2005/06 MY. Old crop sales to China accounted for 50.2% of the total. Tuesday sales on the Seam added 1,744 bales to the week’s total. The average gross price was 60.61 cents/lb. CONAB reported Brazilian cotton harvest at 9% complete. The June WASDE forecast for Brazilian cotton production is 13.2m bales. The July 7 Cotlook A index was down 25 points lower to 69.45 c/lb. The AWP for cotton is 50.13 cents/lb, and the LDP is 1.87 cents, both will be updated after the close.

Oct 20 Cotton is at 64.4, down 17 points,

Dec 20 Cotton is at 64.13, down 3 points,

Mar 21 Cotton is at 64.68, down 1 point,

May 21 Cotton is at 65.26, down 5 points

--- provided by Brugler Marketing & Management

Market Commentary provided by:

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