Cotton Market Sees Light Profit Taking Overnight

The cotton futures market is 10 to 28 points lower this morning on a little profit taking. Cotton futures gained triple digits during the Monday session. NASS’s Cotton Consumption and Stocks report withheld June’s consumption due to confidentiality rules. Stocks as of June 27 were 1,512 RBs. That was down 9% mo/mo; and through the first half of 2020, each month reduced the stockpile a cumulative 25% from Dec ’19. According to NASS, 91% of 2020/21 cotton was squaring as of August 2. That matches the 5-yr average. Also in the weekly update, 54% of cotton was setting bolls. That is 1ppt behind average nationally, but in TX and GA crops were 1ppt ahead of their respective averages. Conditions worsened by 4 points on the Brugler500 index. In TX, conditions fell back 8 points on the Brugler500 to 301. The Cotlook A index was 150 points higher to 68.55 cents/lb on July 31. The week’s AWP is 47.71 cents/lb, and the LDP is 4.29 cents/lb. --- provided by Brugler Marketing & Management




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