Cotton futures are currently 18 to 46 points lower with some traders attempting a Turnaround Tuesday fade. They saw 119 to 192 point gains in most contracts on Monday. Rain in parts of northern TX and other parts of the Cotton Belt may slow cotton planting this week. The Crop Progress report indicated that 44% of the US cotton crop was seeded as of Sunday, 1% behind the average pace and 6% behind a year ago. The Cotlook A index for May 17 was up 50 points from the previous day to 77.35 cents/lb. The weekly Average World Price (AWP) is now 59.59 cents/lb, down 5.06 cents from last week.
--provided by Brugler Marketing & Management