Cotton futures are currently 280 to 384 points higher at midday following the somewhat bullish USDA report. The USDA dropped their US cotton production projection to 18.5 million bales, down 1 million bales from last month on fewer harvested acres. That helped bring the new crop ending stocks down 700,000 bales to 4 million bales. Old crop world stocks were cut by 3.26 million bales to 84.96 on increased consumption and smaller beginning stocks. New crop world stocks were also reduced on the lower carryover and higher consumption to 77.84 million bales. Export sales of old crop upland cotton in the week that ended on July 5 were tallied at 121,603 RB, with just a little over 3 reporting weeks left in the MY. Vietnam purchased a majority of the total at 93,500 RB, with China buying 5,600 RB for old crop. New crop sales were reported at 251,429 RB. The Cotlook A index was up 85 points from the previous day on July 11 to 96.45 cents/lb. The weekly USDA AWP was updated to 76.17 cents/lb through next Thursday, up 1.58 cents from the week prior.

Oct 18 Cotton is at 89.08, up 384 points,

Dec 18 Cotton is at 87.84, up 330 points

Mar 19 Cotton is at 87.45, up 310 points

May 19 Cotton is at 87.030, up 280 points

Market Commentary provided by:

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