Cotton Bouncing on Turnaround Tuesday

Cotton futures are showing a Turnaround Tuesday bounce, with the front months 40 to 90 points higher. US planting progress was reported at 26% in the Monday afternoon Crop Progress report, vs. the 32% average and 34% last year. TX planting progress was pegged at 19%, back 4% from the average, with GA at 42%, 10% faster than normal. IEG Vantage estimates that US cotton producers will plant 14.1 million acres of cotton, 335,000 acres larger than USDA at the end of March. The Cotlook A index for May 10 was down 170 points from the previous day to 79.00 cents/lb. The weekly Average World Price (AWP) is now 64.65 cents/lb, down 3.62 cents from last week.

Jul 19 Cotton is at 66.35, up 90 points,

Oct 19 Cotton is at 67.05, up 40 points

Dec 19 Cotton is at 66.99, up 59 points

Mar 20 Cotton is at 68.150, up 53 points

--provided by Brugler Marketing & Management




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