Cotton Down As Equities Rally Draws Spec Capital

Cotton futures are trading 120 to 280 lower this morning. The stock market is rallying for the 5th day in a row on the expectation of cheap money from the Fed. The rally is sucking hot money away from commodities, even though stronger equities typically suggest better demand for retail goods. Monthly trade data from Census showed 1.759 million bales exported during April. That is the third largest April total on record but well behind last year’s record. The Cotlook A index for June 5 was down 25 points from the previous day to 79.60 cents/lb. The Forward A was 50 points lower at 76.85. The weekly Average World Price (AWP) from USDA is now 61.51 cents/lb through next Thursday, up 20 points from the previous week.

Jul 19 Cotton is at 65.68, down 291 points,

Oct 19 Cotton is at 65.8, down 161 points

Dec 19 Cotton is at 65.37, down 130 points

--provided by Brugler Marketing & Management




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