The optimum planting window for the Delta and the Southeastern states closes today – a dreary, rainy Friday across much of The Belt. Our friends in West Texas still have time to plant. These producers will, for the most part, lay seed into beds with the best top- and sub-soil moisture in recent memory (last yearΆs deluge during the planting season notwithstanding).

In the Midsouth, we realize that there are pockets of thickly planted acreage where gin rebates and equity offers have made it attractive to continue to grow cotton. However, I do not see many fields planted to cotton in westernTennessee, just east of Memphis.

As expected, US export sales improved as futures prices retraced with both total net sales and shipments eclipsing the pace required to ship 9M bales by July 31. The current July-Dec inversion, coupled with increasing certificated stocks, suggests that merchants will want to push cotton into the pipeline, but we are not so certain that it will get done by the end of the current marketing year. Aug shipments could be unusually large.

We usually leave jabs at the garment and fashion industry to Dr. Cleveland, whom we enjoy reading each week. Dr. ClevelandΆs previous columns have prompted us to look more closely each week at the vilification of our industry and our producers in the marketplace.

This week, bargain furniture manufacturer IKEA, released statementssuggesting that it (as others have) will try to wean itself away from using US cotton as an input into its products. Levi Strauss & Co. also garnered media attention per its efforts in manufacturing recycled jeans.

Now, Levi & Co. trying to wean itself off cotton is akin to Ernest & Julio Gallo attempting to forego using grapes as a raw input. Please do not mistake our position for one of complacency. We think that sustainability and environmental responsibility ought to command significant efforts from the production sector of our industry. But recycling jeans?

Such approaches sacrilege. Are the folks at Levi Strauss not in tune with the practice of slicing the legs out of otherwise worn out dungarees for proper barbecue, float trip and lake apparel?  Are they trying to discourage the second-hand production of “Daisy Dukes”?

Neither are we advocating waste – those discarded denim scraps make perfectly serviceable shop towels, grease and car wash rags and tug-oΆ-war toys for your quadruped companions.

The US producer has had a difficult year – flagging markets, below average yields, refusal by the USDA to properly designate cotton as an oilseed and a monstrous downward adjustment of the safety net price of cotton. If there is any merit to the “law of averages” a ton of fortuity will befall the US cotton producer some time hence.

It truly does get old hearing about the evils of our industry, especially with respect to producers and very especially in light of the fact that the most prominent substitute for cotton is petroleum-based. I cannot recall the last time that I read an article on the environmental benefits and merits of burning fossil fuels.

So in lieu of noting that the forward contracting business has hit the doldrums early and advising producers to simply stay in touch with the local buyer and watch for Dec rallies to or above 65; weΆll opt to put on a 100% cotton shirt, raise a glass to our grower friends, and remind ourselves that this too shall pass.

For next week, the standard weekly technical analysis for and money flow into the July contract remain bullish. Export sales for the week ending May 19thcould again prove supportive for prices, perhaps a bit better. Ahead of index fund roll periods, scheduled to commence late this month, the 2M+ bales of remaining on-call sales commitments should lend support to July. As for Dec, weΆre all watching the weather and awaiting the USDAΆs June 30 acreage report.

Have a great weekend!