Cotton futures are trading 24 to 36 points lower at midday, but firmer than they were overnight. March futures matched their life of contract high yesterday. The weekly USDA Export Sales report was expected to slow down from last week’s 326,520 RB and it did. Weekly sales totaled 163,700 RB for upland and 12,800 RB for old crop pima. There were another 32,500 RB of upland varieties sold for 2018/19 shipment. The USDA Adjusted World Price (AWP) was increased 262 points to 70.62 cents/lb on Thursday. It is a long way above loan rate!

Mar 18 Cotton is at 78.44, down 36 points,

May 18 Cotton is at 78.63, down 25 points

Jul 18 Cotton is at 78.81, down 24 points

Market Commentary provided by:

Brugler Marketing & Management LLC
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