Cotton Rallies Back on Monday
Brenie RedingCotton futures closed out the Monday session with contracts up 207 to 263 points. The outside markets were not supportive. Crude oil futures were down $1.17/barrel, as the US dollar index was back up $0.452 on the day.
NASS Crop Progress data indicated a total of 4% of the US cotton crop has been planted as of Sunday, lagging the 6% pace from the 5-year average and the 5% from last year.
Commodity Bulletin:President Trump has responded to the Chinese retaliatory 34% tariff with an additional 50% on Chinese goods if they don’t take back the issued 34%. He gave them a deadline of Tuesday, April 8 to withdraw the tariffs.
The Cotlook A Index was back down 290 points on Friday at 76.70 cents/lb. ICE cotton stocks were unchanged on 4/4, with the current level of certified stocks at 14,488 bales. USDA’s Adjusted World Price (AWP) was back up 158 points last week to 55.22 cents/lb.
, closed at 65.99, up 263 points,
, closed at 66.89, up 233 points,
Dec 25 Cotton closed at 68.23, up 207 points
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