Cotton Higher on Export Sales Data

Cotton futures are trading 87 to 107 points higher at midday. USDA released information on the 2019 MFP payments this year, showing a county damage based payment rate, with the initial of three payments this summer. Payments will be based on aggregate acreage of the 29 listed crops that were affected by trade. Export sales of upland cotton were reported 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 higher 241,514 RB. Vietnam bought 79,000 RB, with China purchasing 19,800 RB. 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 59.59 cents/lb, down 5.06 cents from last week.

Jul 19 Cotton is at 67.67, up 92 points,

Dec 19 Cotton is at 67.1, up 92 points

Mar 20 Cotton is at 67.880, up 87 points

--provided by Brugler Marketing & Management




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