Cotton Lower at Midday

The initial report response has front month futures down by 66 to 82 points. New crop cotton yield was upped by NASS to a record 938 lbs/acre. That is 14% above last year and 4% above the previous record for August of 2018/19. USDA revised new crop production 0.58 m bales higher as well, to 18.08m bales. Old crop stocks were increased 0.1m bales, raising carryin to 7.2m bales. USDA also raised new crop stocks to 7.6m bales on the larger crop. USDA did leave the average farm price of new crop cotton UNCH at 59 cents/lb. Globally new crop cotton stocks were hiked 2.14m bales to 104.91m bales. The August 11 Cotlook A index was 69 cents/lb after a 25 point bump. The AWP for cotton is 49.44 cents/lb through Thursday. The week’s LDP is 2.56 cents/lb.

Oct 20 Cotton is at 63.03, unch,

Dec 20 Cotton is at 62.67, down 82 points

Mar 21 Cotton is at 63.57, down 76 points

May 21 Cotton is at 64.2, down 76 points

--- provided by Brugler Marketing & Management

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