Cotton Posts Gains on Turnaround Tuesday

Cotton futures Posted 100 to 143 point gains in most contracts on Tuesday. President Trump is delaying implementation of the 10% tariffs on some Chinese goods until December, with a few categories waived entirely. There are hopes that the Chinese will reciprocate. Monday’s monthly update to the US cotton balance sheets showed a 280,000 bale reduction to 18/19 exports at 14.22 million bales. New crop projections show a 200,000 bale jump to new crop shipments at 17.2 million bales. USDA also dropped the average farm price projection by 3 cents to 60 cents/lb. On Monday, condition ratings by state saw TX up 11 points, with GA down the same. The Cotlook A was down .65 points on August 12 at 70.35 cents/lb. The weekly AWP is 52.67 cents/lb, through Thursday.

OCT 19 Cotton closed at 59.2, up 117 points,

DEC 19 Cotton closed at 59.57, up 143 points

MAR 20 Cotton closed at 60.22, up 132 points

MAY 20 Cotton closed at 61.15, up 100 points

--provided by Brugler Marketing & Management




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