Cotton Drifts 10 to 29 Lower Overnight

Cotton futures are 10 to 29 points lower this morning. On Wednesday, cotton futures ended the session with 3 to 11 point gains in the active months. October was in the red by 11 points. Equity futures in the US are slightly higher, and the dollar was a little weaker overnight. The NASS weekly update to crop progress showed that 53% of the 2020/21 crop was planted as of May 24. That is up 9 percentage points on the week, matching both last year and the 5-yr average pace. Texas rated 67% of the crop in that state in Fair condition. The online cotton trading platform The Seam reported 1,003 bales sold at an average gross price of 50.21 cents/lb. Last week’s total sales were 4,250 bales. The Cotlook A index was down 50 points on May 26, at 65.65c/lb. The AWP is 48.01 cents/lb, and the LDP is 3.99 cents/lb. USDA will update those later today.

--- provided by Brugler Marketing & Management

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