Cotton Higher on Export Sales Data

Cotton futures posted 48 to 73 point gains in most contracts on Thursday. Export sales of upland cotton were reported at 381,426 RB for old crop, a MY high and well above last year. India purchased 98,500 RB, with Turkey at 93,200 RB, as China canceled a net 25,127 RB. New crop upland sales were also a MY high, 241,514 RB. Vietnam bought 79,000 RB, with China purchasing 19,800 RB. Shipments were at 348,597 RB, with Vietnam at 79,800 RB and 42,200 RB to China. USDA released information on the 2019 MFP payments, showing a county damage based payment rate, with the initial of three payments this summer. Payments will be based on aggregate 2019 acreage for producers of the 29 listed crops that were affected by trade including cotton. The Cotlook A index for May 22 was down 50 points from the previous day to 78.3 cents/lb. The weekly Average World Price (AWP) is now 59.37 cents/lb, down 14 points from last week.

Jul 19 Cotton closed at 67.480, up 73 points,

Oct 19 Cotton closed at 67.230, up 48 points

Dec 19 Cotton closed at 66.830, up 65 points

--provided by Brugler Marketing & Management




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