Cotton Market Down 18 to 74 Points Overnight on USDA Caution
BRUG - Mon Aug 12, 7:29AM CDT

Cotton futures are trading 18 to 74 points lower ahead of this morning’s USDA crop production and supply/demand reports. They ended the Friday session with most contracts 39 to 74 points lower. Commitment of Traders data for August 6 showed spec traders in cotton futures and options held a record net short position of 47,428 contracts. Through the first few days of the new MY, cotton export commitments are 55% of the USDA export projection, vs. the 41% average. Last year at this time the 2018/19 commitments were 63% of the projected total. The Cotlook A was unchanged on August 8 at 70.30 cents/lb. The weekly AWP is 52.67 cents/lb, down 4.29 cents from the previous week. Loan rate is 52 cents, below which cotton is eligible for LDP and MLG payments and offer arbitrage opportunities to producers. --provided by Brugler Marketing & Management




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