Cotton Market Gives Back Thursday Gains Overnight

Cotton futures are 35 to 65 points lower this morning, erasing most of yesterday’s bounce. They settled 44 to 85 points higher on Thursday. The weekly Drought Monitor shows dryness expanding in TX, with some severe drought starting to pop up. This morning’s Export Sales report from USDA showed 179,505 RB of 19/20 upland cotton sold in the week of August 1, with China buying 60,123 RB. For 20/21, 79,794 running bales were sold for export, bringing the accumulated total to 288,181 RB. The Cotlook A index was up 30 points on August 7 at 70.30 cents/lb. The weekly AWP was updated to 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.

--provided by Brugler Marketing & Management




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