By admin       2019-04-05

The cotton market finished higher Thursday amid a strong showing in USDA’s weekly sales and exports. Combining both crop years, sales totaled some 475,000 bales. China was a net buyer in both seasons. Additionally, weekly exports tallied over 400,000 bales. Such demand power continues to under-gird the market. To that end, July cotton is edging closer to posting new highs for the move, while December has already done so.The driver for new crop is the less-than-expected planting intentions. As of last Monday, the U.S. crop is 4% planted off 2% of normal. Texas is 7% seeded, while Georgia and Mississippi has yet to plant “a hill”.Some analysts are forecasting greater production across India and Turkey for 2019. India is expected to increase 2019 plantings 7% over last year, for an estimated production of 29.9 million bales. Turkey is looking to increase her plantings to 7.2% or to some 4.130 million bales. Spot May is down 0.25 cent on the week, with Friday’s session yet to trade.Friday, the Labor Department will issue its March Jobs Report. Expectations are calling for 175,000 non-farms jobs were created in the U.S. economic during calendar March. A weak number might suggest some softness in the labor market.May cotton settled at 77.32 cents, up 0.27 cent, July closed 78.01 cents, up 0.24 cent and December ended at 76.29 cents, up 0.04 cent, Thursday’s estimates volume was 32,000.

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