Cotton Market Steady Overnight With No China News
BRUG - Mon May 20, 7:30AM CDT

Cotton futures are trading 3 points lower to 17 higher in thin action. They ended Friday 71 to 131 points lower. July was down 3.59% Friday to Friday, with the two week drop at 12.89%. CFTC data on Friday afternoon showed specs in cotton futures and options at their largest reported net short position since Feb 2007 at 24,828 contracts as of Tuesday. USDA’s Export Sales data on Thursday show upland cotton shipments 67% of the projected total, with the normal pace at 75%. Total commitments are now 104% of that total, with the average at 100% for this week. The Cotlook A index for May 16 was down 50 points from the previous day to 76.85 cents/lb. The weekly Average World Price (AWP) is now 59.59 cents/lb, down 5.06 cents from last week.

--provided by Brugler Marketing & Management

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