By admin       2018-05-28

The July and Dec contracts posted notable weekly wins for those of bullish persuasion gaining 266 and 422 points, respectively. The old crop/new crop straddle weakened to 256. ICE July cotton futures popped higher to challenge the 90.00 level on Mon before reversing to finish significantly lower. July traded lower most of the week before showing signs of life to finish ahead of the long Memorial Day weekend, challenging Monday’s high. Dec moved significantly higher on the week, taking out the 85.00 level rather easily and challenging 87.00, setting up a plausible run at 90.00. Total net export sales were significantly lower Vs the previous sales period (2017/18) while shipments were off slightly at approximately 53K and 431K running bales, respectively. Still, shipments continue to eclipse the weekly pace required in order to match the USDA’s 15.5M bale export target. Total sales against 2018/19 stand at a running total of 4.4M 480lb bales. We’re currently holding our projection of 2017/18 exports at 16.4M 480lb bales. Internationally, this was a slow week for cotton news. Droughty conditions persist across northern India and Pakistan, although the annual monsoon is expected to commence across southern India late this month.

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