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Cotton Down so far Thursday

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Cotton futures are dropping 25 to 55 points at midday, with lightly traded Oct futures UNCH. Cotton sales from the weekly Export Sales report were 277,091 RBs on the week ending 03/19. That is 19% lower wk/wk but 27% above sales from the same week last year. New crop cotton sales were 120,063 RBs on the same week. China accounted for 16.2% of the week’s sales, compared to their MY average of 8.9% of the total (not counting cancelled sales). China also purchased 17,600 RBs of new crop cotton on the week for a total of 318.862 RBs so far. Accumulated cotton exports through the first 34 weeks of the MY total 8.23m RBs, which is the highest since the 10/11 MY. Trader expectations (Bloomberg survey) ahead of USDA’s Planting Intentions report suggest 2020 US cotton acreage could be 12.4 million acres. If that average is realized, that would be a 9.5% drop off yr/yr. The 03/25 Cotlook A index was back up 85 points to 63.05 c/lb. The AWP for cotton is 49.95 c/lb. and will be updated after the close today, the previous revision was a 309 point reduction.

May 20 Cotton is at 52.93, down 51 points,

Jul 20 Cotton is at 52.98, down 55 points

Oct 20 Cotton is at 55.19, unch

Dec 20 Cotton is at 54.79, down 25 points

--- provided by Brugler Marketing & Management

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