Cotton Showing Losses on Higher Projected Carryout

Cotton futures are down 89 to 129 points in the nearby contracts on Monday. USDA data on Monday showed 13.903 million planted acres of cotton following USDA’s resurvey, up 180,000 acres from July. The projected yield from NASS showed 855 lb/ac, up 10 pounds mo/mo. US carryout for old crop was up 250,000 bales to 5.25 million bales, as new crop ending stocks were up 500,000 bales to 7.2 million. World stocks for 18/19 were up 1 million to 80.27 million bales, as new crop was up 2.03 million to 82.45 million bales. The Cotlook A was up 70 cents on August 9 at 71.00 cents/lb. The weekly AWP is 52.67 cents/lb, down 4.29 cents from the previous week. Loan rate is 52 cents, below which cotton is eligible for LDP and MLG payments and offer arbitrage opportunities to producers.

OCT 19 Cotton is at 57.76, down 129 points,

DEC 19 Cotton is at 57.98, down 92 points

MAR 20 Cotton is at 58.91, down 95 points

MAY 20 Cotton is at 60.16, down 89 points

--provided by Brugler Marketing & Management




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