US Dollar Weakness/Chinese Import Quotas Support Cotton
BRUG - Fri Apr 12, 5:33PM CDT

Cotton futures saw 60 to 174 point gains in the front months on Friday. The Dollar was down 205 points on the day. China has approved an additional 800,000 MT import quota for 2019, on top of the 840,000 MT TRQ required by WTO. May cotton options expired today, resulting in some position squaring activity. Spec funds in cotton futures and options added 5,945 contracts to their net long position at 14,652 contracts as of 4/9. Total export commitments for upland cotton did gain a little ground vs. a year ago last week, now down 12.5%. USDA’s projected 15 million bale projected export total is now 95% achieved via total commitments, matching the average pace. The Cotlook A Index was down 50 points at 87.20 on April 11. The weekly AWP was updated to 69.21, 99 points higher than the previous week.

May 19 Cotton closed at 78.110, up 113 points,

Jul 19 Cotton closed at 78.860, up 112 points

Oct 19 Cotton closed at 78.680, up 174 points

--provided by Brugler Marketing & Management




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