DTN Cotton Open: Edges Higher on Weather

The cotton market remains higher Thursday morning as traders anticipate a worsening weather situation for Texas. On the whole, scant rain is expected for West Texas and the Texas Panhandle. As it stands, less than two tenths is expected around the countryside. The Texas crop will likely see deteriorating numbers on the upcoming weekly crop condition report. USDA reported decent export sales Thursday, even as the old crop is quickly giving way to the 2020/2021 new crop. The following text is taken directly from USDA’s report. Net sales of 67,300 RB for 2019/2020 were down 35 percent from the previous week and 54 percent from the prior 4-week average. Increases primarily for Vietnam (50,200 RB, including 1,800 RB switched from China and 500 RB switched from South Korea), China (15,700 RB, including decreases of 26,500 RB), Bangladesh (4,100 RB, including decreases of 100 RB), Indonesia (3,300 RB, including 300 RB switched from Japan), and Taiwan (1,000 RB), were offset by reductions ...