Cotton Sharply High On Chinese Import Quota Announcement

Cotton futures are posting string triple digit gains in the front months on Friday. May cotton options expire today, resulting in some position squaring activity. Total export commitments for upland cotton did gain a little ground vs. a year ago last week, now down 12.5%. USDA’s projected 15 million bale projected export total is now 95% achieved via total commitments, even with the average. China has approved an additional 800,000 MT import quota for 2019, on top of the 840,000 MT TRQ required by WTO. The Cotlook A Index was down 50 points at 87.20 on April 11. The weekly AWP was updated to 69.21, 99 points higher than the previous week.

May 19 Cotton is at 78.26, up 128 points,

Jul 19 Cotton is at 78.82, up 108 points

Oct 19 Cotton is at 78.95, up 201 points

Dec 19 Cotton is at 77.370, up 78 points

--provided by Brugler Marketing & Management

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