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Cotton Gains ahead of Fourth

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Cotton futures climbed back from midday lows, and closed 19 to 47 points higher in the front months. Old crop futures outgained the deferred contracts and left July inverted to Dec again, the July premium to December was 0.10 cents/lb. Dec to Mar ’21 carry was 72 points on Thursday. That came via 67,296 RBs of old crop sales and 246k RBs of new crop (mostly to China). Cotton exports from the report were 276,959 RBs. That is down 13% wk/wk and 19% below the same week last MY. China was the destination for 38% of the week’s shipments, MYTD China has been the destination for 15% of exports. Wednesday sales on the online cotton trading platform The Seam were the largest for a single day since May 08. The 8,347 bales went for an average gross price of 59.68 cents/lb. The weeks total through Wednesday was 10,735 bales at a wtd average price of 57.59 cents/lb. Tuesday went for an average gross price of 53.18 cents/lb. The July 1 Cotlook A index was 90 points stronger at 68.85 c/lb. The AWP for cotton was 53 points stronger at 50.13 cents/lb. The week’s LDP is 1.87 cents.

Jul 20 Cotton closed at 63.05, up 47 points,

Oct 20 Cotton closed at 63.55, up 47 points

Dec 20 Cotton closed at 62.95, up 19 points

Mar 21 Cotton closed at 63.67, up 22 points

--- provided by Brugler Marketing & Management

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