Cotton futures are trading 31 to 51 points higher this morning. They posted 48 to 73 point gains in most contracts on Thursday. Crude oil was higher, and the dollar is a little weaker. Export sales of upland cotton were reported yesterday at 381,426 RB for old crop, a MY high and well above last year. India purchased 98,500 RB, with Turkey at 93,200 RB, as China canceled a net 25,127 RB. New crop upland sales were also a MY high 241,514 RB. Vietnam bought 79,000 RB, with China purchasing 19,800 RB. Shipments were at 348,597 RB, with Vietnam at 79,800 RB and 42,200 RB to China. USDA released information on the 2019 MFP payments, showing a county damage based payment rate, with the first of three payments this summer after planted acreage is reported to FSA. Payments will be based on aggregate 2019 acreage for producers of the 29 listed crops including cotton and not cotton directly. The Cotlook A index for May 22 was down 50 points from the previous day to 78.3 cents/lb. The weekly Average World Price (AWP) is now 59.37 cents/lb, down 14 points from last week.
--provided by Brugler Marketing & Management