Cotton Market Higher Overnight Excluding October

Cotton futures are trading 21 to 23 points higher this morning, ignoring the thinly traded October contract. They saw 80 to 134 point gains in most contracts on Monday. Forecasts are calling for rainfall in most of the Cotton Belt over the next week, slowing planting and causing some concerns due to already saturated ground. USDA reported cotton planting progress at 71% complete, a 14% move from last week. That is vs. the 72% average and 74% last year. The crop was also reported at 8% squared, vs. the normal pace of 7%. Initial condition ratings were at 46% gd/ex, as the Brugler500 was reported at 338. The Cotlook A index for May 231 was up 25 points from the previous day to 80.35 cents/lb. The weekly Average World Price (AWP) is 61.31 cents/lb through Thursday.

--provided by Brugler Marketing & Management

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