AgriCharts Market Commentary

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Cotton Showing Triple Digit Losses at Midday

September 17, 2019

Cotton futures are down 125 to 162 points in most contracts at midday. Crude is back down 4.28% on Tuesday after Monday’s sharp rally. After the Monday close, NASS indicated that 54% of the US cotton crop with bolls open by Sunday vs. the 47% average, and 9% harvested compared to the normal 8%. Conditions were down 2% in the gd/ex categories at 41%, with the Brugler500 index UNCH from the previous week at 328. An auction of state reserves saw all of the 11,349 MT of cotton sold on Tuesday. The Cotlook A Index was up 10 points on September 16 at 73.65 cents/lb. The weekly AWP is 52.28, effective through Thursday.

OCT 19 Cotton is at 59.97, down 162 points,

DEC 19 Cotton is at 61.21, down 138 points

MAR 20 Cotton is at 61.63, down 133 points

MAY 20 Cotton is at 62.58, down 125 points

-- provided by Brugler Marketing & Management

Cotton Market Backs Off Along With Crude

September 17, 2019

Cotton futures are trading 14 to 59 points lower in Turnaround Tuesday action this morning. They were a marginal 15 to 37 points higher in most contracts on Monday, with nearby Oct down 3 points. Crude oil was up a sharp 12.34% following damage done to Saudi facilities over the weekend. It is down ~1% this morning as the Saudis indicated they will quickly complete repairs on some of the damaged equipment. After the close, NASS indicated that 54% of the US cotton crop with bolls open by Sunday vs. the 47% average, and 9% harvested compared to the normal 8%. Conditions were down 2% in the gd/ex categories at 41%, with the Brugler500 index UNCH from the previous week at 328. The Cotlook A Index was up on September 13 at 73.55 cents/lb. The weekly AWP is 52.28, effective through Thursday.

-- provided by Brugler Marketing & Management

Cotton Mostly Higher on Monday

September 16, 2019

Cotton futures were a marginal 15 to 37 points higher in most contracts on Monday, with nearby Oct down 3 points. Crude oil was up a sharp 12.34% following damaging drone or cruise missile attacks on Saudi facilities over the weekend. After the close, NASS indicated that 54% of the US cotton crop with bolls open by Sunday vs. the 47% average, and 9% harvested compared to the normal 8%. Conditions were down 2% in the gd/ex categories at 41%, with the Brugler500 index unch at 328. The Cotlook A Index was up on September 13 at 73.55 cents/lb. The weekly AWP is 52.28, effective through Thursday.

OCT 19 Cotton closed at 61.6, down 3 points,

DEC 19 Cotton closed at 62.55, up 27 points

MAR 20 Cotton closed at 62.93, up 15 points

MAY 20 Cotton closed at 63.81, up 37 points

-- provided by Brugler Marketing & Management

Cotton Mixed on Monday

September 16, 2019

Cotton futures are showing 22 point gains in the front months, with nearby Oct down 23 points on thin trade. Crude oil and diesel futures are up sharply this morning (diesel up 16 cents per gallon) following damaging drone attacks on Saudi facilities over the weekend. CFTC data showed specs trimming their net short position to 34,564 contracts by trimming 4,717 contracts in the week ending 9/10. The Cotlook A Index was up on September 13 at 73.55 cents/lb. The weekly AWP is 52.28, effective through next Thursday.

OCT 19 Cotton is at 61.4, down 23 points,

DEC 19 Cotton is at 62.41, up 13 points

MAR 20 Cotton is at 62.78, unch,

MAY 20 Cotton is at 63.66, up 22 points

-- provided by Brugler Marketing & Management

Cotton Market 23 Lower to 31 Higher This Morning

September 16, 2019

Cotton futures are trading 23 lower to 31 higher this morning. They closed Friday with 7 to 20 point gains in the front months other than the thinly traded Oct (down 49 points). Dec gained 6.32% for the week. Crude oil and diesel futures are up sharply this morning (diesel up 16 cents per gallon) following damaging drone attacks on Saudi facilities over the weekend. CFTC data showed specs trimming their net short position to 34,564 contracts by trimming 4,717 contracts in the week ending 9/10. On Thursday, USDA raised estimated world carryout for 18/19 by 1.3 to 83.75 MMT. Chinese imports were reduced by 0.5 MMT to 10 MMT and Australian production was down 0.5 MMT to 1.4 MMT. The Cotlook A Index was unch on September 12 at 70.90 cents/lb. The weekly AWP is 52.28, effective through next Thursday.

-- provided by Brugler Marketing & Management


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com