AgriCharts Market Commentary

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Cotton

Cotton futures finally saw green on Friday, as most contracts pulled out gains on the day. The new AWP is 64.60 cents/lb through next Thursday, a drop of 2.71 cents/lb from the previous week. The COT report indicated managed money lowering their net long position in cotton futures and options by 23,571 contracts to a net long position of 45,344 contracts.The Cotlook A index for June 22 dropped 40 points to 82.60 cents/lb. Customs data shows Chinese May imports were up a total of 8.56% since the previous May at 85,482 MT. Of that total 61.52% was from the US, as China May imports from the US rose 52.75% yr/yr.

Jul 17 Cotton closed at 72.650, up 151 points,

Oct 17 Cotton closed at 68.970, up 94 points

Mar 18 Cotton closed at 67.020, up 35 points

Cotton

Cotton futures are higher on Friday, as most contracts are up 11 to 40 points. The new AWP is 64.60 cents/lb through next Thursday, a drop of 2.71 cents/lb from the previous week. All upland cotton export commitments are 64% larger than last year. The Cotlook A index for June 22 dropped 40 points to 82.60 cents/lb. Customs data shows Chinese May imports were up a total of 8.56% since the previous May at 85,482 MT. Of that total 61.52% was from the US, as China May imports from the US rose 52.75% yr/yr.

Jul 17 Cotton is at 71.47, up 33 points,

Oct 17 Cotton is at 68.43, up 40 points

Dec 17 Cotton is at 66.85, up 11 points

Mar 18 Cotton is at 66.930, up 26 points

Cotton

Cotton futures are mixed this morning, with July 25 to 30 higher but benchmark December 10 points lower. The pattern was similar yesterday, with nearby July 25 points higher. The new AWP is 64.60 cents/lb through next Thursday, a drop of 2.71 cents/lb from the previous week.US weekly export shipments improved 11.22% vs. the previous week and were up 57.15% over a year ago at 259,438 MT. All upland cotton export commitments are 64% larger than last year. China sold 15,800 MT of cotton offered at an auction of state reserves on Thursday, which was 51.88% of the total offered.Chinese cotton production for 2017/18 is estimated at 24.66 million bales by the country’s Cotton Information Center. That is 0.66 million bales over the USDA projection and 1.91 million bales above 16/17 production.

Cotton

Cotton futures were mostly lower, with nearby July 25 points higher. The new AWP is 64.60 cents/lb through next Thursday, a drop of 2.71 cents/lb from the previous week.Old crop export sales of 167,544 RB were reported for cotton this morning, with 426,812 RB for new crop. Total combined sales improved 122.59% over last week and 122.93% above a year ago. Export shipments improved 11.22% over last week and 57.15% over a year ago at 259,438 MT. The Cotlook A index for June 21 was even with the previous day at 83 cents/lb. China sold just 15,800 MT of cotton offered at an auction of state reserves on Thursday, which was 51.88% of the total offered.Chinese cotton production for 2017/18 is estimated at 24.66 million bales by the country’s Cotton Information Center. That is 0.66 million bales over the USDA projection and 1.91 million bales above 16/17 production.

Jul 17 Cotton closed at 71.140, up 25 points,

Oct 17 Cotton closed at 68.030, down 24 points

Mar 18 Cotton closed at 66.670, down 144 points

Cotton

Cotton futures are currently sharply lower in the back months, as July is 27 points higher. The AWP, which is 67.31 cents/lb, will be updated later today.Old crop export sales of 167,544 RB were reported for cotton this morning, with 426,812 RB for new crop. Total combined sales improved 122.59% over last week and 122.93% above a year ago. The Cotlook A index for June 21 was even with the previous day at 83 cents/lb. China sold just 15,800 MT of cotton offered at an auction of state reserves on Thursday, which was 51.88% of the total offered.Chinese cotton production for 2017/18 is estimated at 24.66 million bales by the country’s Cotton Information Center. That is 0.66 million bales over the USDA projection and 1.91 million bales above 16/17 production.

Jul 17 Cotton is at 71.1, up 21 points,

Oct 17 Cotton is at 67.08, down 119 points

Dec 17 Cotton is at 66.88, down 129 points

Mar 18 Cotton is at 66.920, down 119 points


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