Cotton Market Higher Ahead of Export Sales

Cotton futures are 40 to 58 point higher this morning, with the dollar and the equities both modestly higher. They were 10 to 41 points lower in most front months on Wednesday, with thinly traded Oct up 23 points. USDA will release their weekly Export Sales report in a few minutes, with data for the week ending May 9, a period following the US tweet about raising tariffs but while talks were continuing. The Chinese yuan is the weakest vs. the dollar since January, making imports of US cotton more expensive. The Cotlook A index for May 14 was down 300 points from the previous day to 76.00 cents/lb. The weekly Average World Price (AWP) is now 64.65 cents/lb, down 3.62 cents from last week. --provided by Brugler Marketing & Management




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