Cotton Higher at Midday

Cotton futures are trading 88 to 154 points in the green at midday. Upland cotton export commitments are now 115% of the USDA projection, with the average pace running 107%. With just under a month left in the MY, however, accumulated exports are 91% of that number , with the normal pace at 95%. The Cotlook A index for July 18 was down 50 points from the previous day at 73.70 cents/lb. The weekly AWP is 55.81 cents/lb effective through next Thursday. This is still above the 52 cent loan rate, i.e. there is no LDP or MLG. USDA also noted that the “costs to market” adjustment for the 2019/20 crop year will be 15.20 cents/lb and will become effective for the week beginning 12:01 a.m. August 9, 2019.

OCT 19 Cotton is at 62.32, up 154 points,

DEC 19 Cotton is at 62.91, up 120 points

MAR 20 Cotton is at 63.83, up 95 points

MAY 20 Cotton is at 64.85, up 88 points

--provided by Brugler Marketing & Management

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