Midweek Pullback in Cotton

Cotton futures are trading in the red at midday, pulling back from the multi-week rally as we come into month end. May cotton futures are UNCH at midday on limited OI. July futures are down 131 points so far, but still up more than 11 cents MTD. New crop cotton futures are trading 81 to 83 points in the red.

NOAA’s updated 7-day QPF shows the area expecting rainfall consolidated, but the quantities expected increased. Now GA and E. AL are expected to mostly miss out on rain fall, but Central TX through E. OK and S. MO could get as much as 4.25” accumulated precip.

Monday sales on The Seam were 1,498 bales for an average gross price of 89.1 c/lb. That is a sharp 10.24 cents higher than Friday’s average gross price. USDA’s 4/27 Daily Spot Quotations report showed 6,195 bales were sold at spot; basis was UNCH at 418 points under May. The Cotlook A index was another 40 points to 95.10 cents/lb on 4/27. The AWP for cotton is 70.49 cents/lb and will be updated after the close tomorrow.    

May 21 Cotton  is at 90.07, UNCH,

Jul 21 Cotton  is at 90.03, down 139 points,

Dec 21 Cotton  is at 86.39, down 81 points

Market Commentary provided by:

Brugler Marketing & Management LLC
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