Front month cotton futures ended the Monday session with triple digit losses. Old crop futures were weaker, closing down 223 to 226 points. New crop prices were also triple digits weaker, but from 126 to 134 points.
National cotton planting had reached 8% of expected area as of 4/11. That is up from 6% planted the week prior and from the 5-yr average of 7%. In TX, planting progressed 3% points to 13% complete.
USDA’s Ag Attaché forecasts 2021/22 cotton production from China at 5.9 MMT, down 50k yr/yr. In 2020/21, Xinjiang accounted for 87% of the total production, and the Ag Attaché foresees an increase in Xinjiang’s cotton production concentration of the total. Effective since Jan 13 2021, US had placed a ban on cotton sourced from Xinjiang. For NMY imports, USDA’s Ag Attaché sees a 100k MT increase to 2.4 MMT.
USDA’s DSQ showed just 329 bales sold in the 4/12 report. The Cotlook A index for 4/9 was 190 points higher, back up to 88.50 cents/lb. The AWP for cotton for the week is 64.92 cents/lb.
May 21 Cotton closed at 80.14, down 226 points,
Jul 21 Cotton closed at 81.51, down 223 points,
Dec 21 Cotton closed at 80.44, down 134 points
