Cotton #2 Futures Market News and Commentary
Cotton futures are down by as much as 262 points in the front moths so far. The stock market futures turned lower, and the dollar is firmer. Cotton acreage intentions for the 2020/21 crop were 13.7 MA. TX cotton planting intentions were up the most, with a yr/yr increase of 251,000 acres to 7.313 million. Futures are trying to discourage such plans. Acreage plans in the MidSouth and Southeast are lower than last year. A USDA GAIN report estimates Turkey’s 480,000 HA will produce 3.5 million bales of 2020/21 cotton, that would be 200,000 bales below their 19/20 production. The Cotlook A index was 60.90 cents per pound on March 30, which was another 40 points lower. The AWP for cotton is 44.99 through tomorrow. The LDP is 7.01.
May 20 Cotton is at 48.51, down 262 points,
Jul 20 Cotton is at 48.4, down 250 points
Oct 20 Cotton is at 53.21, unch
Dec 20 Cotton is at 51.14, down 227 points
--- provided by Brugler Marketing & Management