AgriCharts Market Commentary

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Cotton Rebounded on Friday

November 22, 2019

Cotton futures rebounded triple digits on Friday, with gains of 67 to 84 points. The rally was not enough to offset the earlier losses, and futures go into the weekend 220 points lower wk/wk.The CFTC reporting the net short position for specs did get reduced by 1,166 cotnracts . Upland cotton export commitments are now 66% of the USDA projection (59% avg), with actual shipments 18% of the full-year forecast (16% avg). Weekly running online sales on The Seam through 11/21 were up to 16,413 bales; last week’s total was 18,087 through Thursday. The 11/20 Cotlook A Index was down again for the third straight day, this time a full cent bringing the index to 73.40 cents/lb. The weekly update to the AWP for cotton was reduced 70 points to 56.36 cents per lb.

Dec 19 Cotton closed at 63.42, up 158 points,

Mar 20 Cotton closed at 64.85, up 84 points

May 20 Cotton closed at 65.94, up 80 points

Jul 20 Cotton closed at 66.81, up 67 points

--provided by Brugler Marketing & Management

Midday Highs Again for Cotton

November 22, 2019

Cotton futures are up 50 to 82 points in the front months on Friday. Upland cotton export commitments are now 66% of the USDA projection (59% avg), with actual shipments 18% of the full-year forecast (16% avg). The 11/20 Cotlook A Index was down again for the third straight day, this time a full cent bringing the index to 73.40 cents/lb. The weekly update to the AWP for cotton was reduced 70 points to 56.36 cents per lb.

DEC 19 Cotton is at 62.66, up 82 points,

MAR 19 Cotton is at 64.74, up 73 points

MAY 20 Cotton is at 65.8, up 66 points

JUL 20 Cotton is at 66.64, up 50 points

--provided by Brugler Marketing & Management

Cotton Market Struggles With Bouts of Profit Taking

November 22, 2019

Cotton futures are 6 to 10 points higher after ending Thursday with losses of 34 to 45 points. The USDA updated weekly export sales for upland cotton, revealing that for the week ending 11/14 a total of 227,600 RB were sold, which was 35.04% below last week’s multi-year high for weekly sales. That was the third largest for this MY. Another 58,200 RB were sold for 20/21. The shipments through the week ending 11/14 were 137,886 RB. That raised the accumulated MY shipments to 2.748 MRB, that is 14.44% above last year’s pace and the highest through the first 16 weeks of the MY since 2008/09. Weekly cotton shipments to China increased by 39.94% wk/wk. With 21,954 RB shipped over the week, the MYTD accumulated China buys are 234,234 RB. The 11/20 Cotlook A Index was down another 60 points to 74.40 cents/lb. The weekly update to the AWP for cotton was reduced 70 points to 56.36 cents per lb.

--provided by Brugler Marketing & Management

Cotton Falls again Thursday

November 21, 2019

Cotton finished the day with losses of 34 to 45 points. The USDA updated weekly export sales for upland cotton, revealing that for the week ending 11/14 a total of 227,600 RB were sold, which was 35.04% behind last week’s multi-year high for weekly sales. That was the third largest for this MY. Another 58,200 RB were sold for 20/21. The shipments through the week ending 11/14 were 137,886 RB which raised the accumulated MY shipments to 2.748 MRB, that is 14.44% above last year’s pace and the highest through the first 16 weeks of the MY since 2008/09. China increased weekly cotton shipments by 39.94% wk/wk. With 21,954 RB shipped over the week, the MYTD accumulated China exports are 234,234 RB. The 11/20 Cotlook A Index was down another 60 points to 74.40 cents/lb. The weekly update to the AWP for cotton is back down to 56.36 cents per lb. The update lowered it by 70 points wk/wk, the previous adjustment was an increase of 1.03 cents per lb.

DEC 19 Cotton closed at 61.79, down 45 points,

MAR 19 Cotton closed at 63.94, down 34 points

MAY 20 Cotton closed at 65.1, down 38 points

JUL 20 Cotton closed at 66.12, down 41 points

--provided by Brugler Marketing & Management

Thursday Recovery for Cotton Futures

November 21, 2019

Cotton futures show a recovery, with nearby contracts as up by as much as 20 points with gains tailing off through time. The USDA updated weekly export sales for upland cotton, revealing that for the week ending 11/14 a total of 227,600 RB were sold, which was 35.04% behind last week’s multi-year high for weekly sales. That was the third largest for this MY. Another 58,200 RB were sold for 20/21. The shipments through the week ending 11/14 were 137,886 RB which raised the accumulated MY shipments to 2.748 MRB, that is 14.44% above last year’s pace and the highest through the first 16 weeks of the MY since 2008/09. The 11/20 Cotlook A Index was down another 60 points to 74.40 cents/lb. The AWP for cotton will be updated later this afternoon, the current AWP is 57.06 cents/lb.

DEC 19 Cotton is at 62.44, up 20 points,

MAR 19 Cotton is at 64.48, up 20 points

MAY 20 Cotton is at 65.61, up 13 points

JUL 20 Cotton is at 66.61, up 8 points

--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