Cotton #2 Futures PricesFri, May 1st, 2015
Latest Brugler Cotton #2 Report
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Cotton futures are trading 20 to 52 points lower at midday. The US Dollar Index is higher on the session, and crude oil futures are slightly lower. Cert stocks were up 85,949 for May 1 with 3,674 new certs and another 5,499 awaiting review. USDA put the weekly AWP at 51.70 and lowered the LDP/MLG to 0.30 for now through May 7. The ICAC is now projecting a 7% drop in world cotton plantings for 2015/16 to 31.2 million hectares, and when assuming a world average yield of 765 kg/ha, production is forecast down 9% at 23.9 million tons from 2014/15. India, China and the US are seen with smaller planted acreage. ICAC also noted that China holds an estimated 11 MMT of government cotton stocks but has not yet begun the annual auction sequence to supply commercial needs between now and new crop.
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