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




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