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Cotton Futures Cautiously Higher Overnight

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Overnight trading has nudged cotton futures 5 to 20 points higher. On Monday, cotton trading was mixed. July and October futures traded lower on low open interest, but the deferred contracts closed 13 to 28 points higher. Through June 29 there have been 307 deliveries against July futures with SG Americas clients stopping them all. The weekly Crop Progress report had cotton squaring at 35%, which is 1 ppt below average. NASS noted that 9% of 2020 cotton was setting bolls as of June 28, while the average is 7%. The difference is not significant. Cotton ratings were up 2 points on the Brugler500 index, but still at just 317. For week 26, that is the worst condition rating since 2011. TX ratings were the worst in the report, with 281 on the Brugler500 index. MO and SC cotton were also below 300 on the index, rated 277 and 286 respectively. The Cotlook A index was 68.20 c/lb on June 26, after regaining the 50 points. The AWP for cotton is 49.60 cents/lb, with an LDP of 2.4 cents. Both are good through Thursday.

--- provided by Brugler Marketing & Management

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