Cotton

Cotton futures are trading UNCH to 12 points lower, ignoring thinly traded October with a +35. They were mostly 151 to 171 points higher on Monday, with support from a weaker US dollar. NASS showed that 91% of the cotton crop had bolls setting as of Sunday, with 21% of the bolls opening vs. the 18% average. Condition ratings on the Brugler500 index are 10 points higher at 315 on a 2% national move from poor to excellent, with a rating of 44% gd/ex. After the close on Monday, USDA announced MFP payments to US cotton producers of 6 cents/lb on 50% of 2018 production. Harvest must be completed before the tariff adjustment payment can be received. The Cotlook A index was down 75 points from the previous day at 91.40 cents/lb on August 24. The weekly AWP was updated to 73.83 cents/lb, good through Thursday.




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