Cotton Market Mostly 15 to 18 Lower Overnight

Cotton futures are mostly 15 to 18 lower this morning, with nearby October 4 points higher. They had 100 to 143 point gains in most contracts on Tuesday. President Trump is delaying implementation of the 10% tariffs on some Chinese goods until December, with a few proposed categories waived entirely. There are hopes that the Chinese will reciprocate, but US stock market futures are down sharply this morning. Monday’s monthly update to the US cotton balance sheets showed a 280,000 bale reduction to 18/19 exports at 14.22 million bales. New crop projections show a 200,000 bale jump to new crop shipments at 17.2 million bales. USDA also dropped the average farm price projection by 3 cents to 60 cents/lb. On Monday, condition ratings by state saw TX up 11 points on the Brugler500 index, with GA down the same. The Cotlook A was down .65 points on August 12 at 70.35 cents/lb. The weekly AWP is 52.67 cents/lb, through Thursday. --provided by Brugler Marketing & Management

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