Cotton Market Down 18 to 74 Points Overnight on USDA Caution

Cotton futures are trading 18 to 74 points lower ahead of this morning’s USDA crop production and supply/demand reports. They ended the Friday session with most contracts 39 to 74 points lower. Commitment of Traders data for August 6 showed spec traders in cotton futures and options held a record net short position of 47,428 contracts. Through the first few days of the new MY, cotton export commitments are 55% of the USDA export projection, vs. the 41% average. Last year at this time the 2018/19 commitments were 63% of the projected total. The Cotlook A was unchanged on August 8 at 70.30 cents/lb. The weekly AWP is 52.67 cents/lb, down 4.29 cents from the previous week. Loan rate is 52 cents, below which cotton is eligible for LDP and MLG payments and offer arbitrage opportunities to producers. --provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.