AgriCharts Market Commentary

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Cotton Closes Mostly Higher

Cotton futures closed the day with 7 to 20 point gains in the front months, thinly traded Oct down 49 points. Dec gained 6.32% this week. China did give tariff exemptions from the second round of implementation to several US ag goods, though there was no word on if cotton made the list. CFTC data showed specs trimming their net short position to 34,564 contracts by trimming 4,717 contracts in the week ending 9/10. On Thursday, USDA raised estimated world carryout for 18/19 by 1.3 to 83.75 MMT. Chinese imports were reduced by 0.5 MMT to 10 MMT, as Australian production was down 0.5 MMT to 1.4 MMT. The Cotlook A Index was unch on September 12 at 70.90 cents/lb. The weekly AWP is 52.28, up from 51.57 last week and effective through next Thursday.

OCT 19 Cotton closed at 61.76, down 49 points,

DEC 19 Cotton closed at 62.28, up 7 points

MAR 20 Cotton closed at 62.78, up 20 points

MAY 20 Cotton closed at 63.39, up 19 points

-- provided by Brugler Marketing & Management

Cotton Mostly Higher

Cotton futures are 13 to 28 points higher in the front months, with thinly traded Oct down 55 points. China did give tariff exemptions from the second round of implementation to several US ag goods, though there was no word on if cotton made the list. On Thursday, USDA raised estimated world carryout for 18/19 by 1.3 to 83.75 MMT. Chinese imports were reduced by 0.5 MMT to 10 MMT, as Australian production was down 0.5 MMT to 1.4 MMT. The Cotlook A Index was unch on September 12 at 70.90 cents/lb. The weekly AWP is 52.28, up from 51.57 last week and effective through next Thursday.

OCT 19 Cotton is at 61.7, down 55 points,

DEC 19 Cotton is at 62.34, up 13 points

MAR 20 Cotton is at 62.84, up 26 points

MAY 20 Cotton is at 63.48, up 28 points

-- provided by Brugler Marketing & Management

Cotton Market Rallies on China Optimism

Cotton futures are 3 lower to 21 higher this morning. They ended the Thursday session with most contracts 161 to 288 points higher, boosted by positive news on the trade war. Rumors were circulating that President Trump was considering an interim trade deal with China. NASS cut projected 2019 cotton yield by 16 lbs/ac to 839 lbs, with harvested acreage down 130,000 acres at 12.51 million acres. That took production down 660,000 bales to 21.86 million. A reduction to exports however, offset the loss in production and a 400,000 bale reduction to old crop carryout (4.85 million bales), as new crop ending stocks remained at 7.2 million bales. The initial Cotton Ginnings report showed 359,250 RB of cotton ginned by September 1, down 129,850 RB from last year. Weekly Export Sales were only 74,645 RB for 19/20, with 528 RB for 20/21. The Cotlook A Index was up 30 points on September 11 at 70.90 cents/lb. The weekly AWP is 52.28, up from 51.57 last week and effective through next Thursday.

-- provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures ended the Thursday session with most contracts 161 to 288 points higher, boosted by positive news on the trade war. Rumors were circulating that President Trump was considering an interim deal with China to delay tariffs. NASS cut projected 2019 cotton yield by 16 lbs/ac to 839 lbs, with harvested acreage down 130,000 acres at 12.51 million acres. That took production down 660,000 bales to 21.86 million. A reduction to exports however, offset the loss in production and a 400,000 bale reduction to old crop carryout (4.85 million bales), as new crop ending stocks remained at 7.2 million bales. NASS also tabulated the initial Cotton Ginnings report, showing 359,250 RB of cotton ginned by September 1, down 129,850 RB from last year. Export Sales were tallied at just 74,645 RB for 19/20, with 528 RB for 20/21. The Cotlook A Index was up 30 points on September 11 at 70.90 cents/lb. The weekly AWP is 51.57, below loan rate and will be updated on Thursday.

OCT 19 Cotton closed at 62.25, up 288 points,

DEC 19 Cotton closed at 62, up 263 points

MAR 20 Cotton closed at 62.42, up 236 points

MAY 20 Cotton closed at 63.06, up 229 points

-- provided by Brugler Marketing & Management

Cotton Showing Triple Digit Gains

Cotton futures are trading 191 to 235 points higher at midday, boosted by positive news on the trade war. Rumors were running around this morning that President Trump was considering an interim deal with China to delay tariffs. NASS cut projected 2019 cotton yield by 16 lbs/ac to 839 lbs, with harvested acreage down 130,000 acres at 12.51 million acres. That took production down 660,000 bales to 21.86 million. A reduction to exports however, offset the loss in production and a 400,000 bale reduction to old crop carryout (4.85 million bales), as new crop ending stocks remained at 7.2 million bales. NASS also tabulated the initial Cotton Ginnings report, showing 359,250 RB of cotton ginned by September 1, down 129,850 RB from last year. Export Sales were tallied at just 74,645 RB for 19/20, with 528 RB for 20/21. The Cotlook A Index was up 30 points on September 11 at 70.90 cents/lb. The weekly AWP is 51.57, below loan rate and will be updated on Thursday.

OCT 19 Cotton is at 61.72, up 235 points,

DEC 19 Cotton is at 61.74, up 237 points

MAR 20 Cotton is at 62.07, up 201 points

MAY 20 Cotton is at 62.68, up 191 points

-- 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
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com