Cotton Lower As USD Recovers

Cotton futures are trading 66 to 87 points lower this morning. They were 17 to 22 points higher in most 2019 contracts on Monday, with nearby May down 12 points. The dollar was weaker and crude oil was up $1.82/barrel, supporting cotton via synthetics. The dollar has firmed this morning. After the closing bell, USDA showed US cotton acreage 9% planted, a 2% increase from last week. That was even with the 5 year average and slow vs. the 10% last year. The Cotlook A Index was up 50 points at 88.25 on April 18. The weekly Average World Price (AWP) is 68.88, effective through Thursday.

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