Cotton

Cotton futures posted limit gains in the nearby March and May contracts, as most other front months saw triple digit gains. The US dollar helped, losing 419 points on the day. The USDA Adjusted World Price (AWP) was increased 35 points to 71.21 cents/lb on Thursday. The CFTC showed an unpriced on call position of 156,382 lots (16.289 million 480-lb bales), with 115,489 lots (12.03 million bales) for the 17/18 crop. Upland old crop cotton export sales for the week that ended Jan 4 were 274,533 RB, with 92,928 RB for new crop. Old crop sales were 16.35% above last year for this week and a jump of 41.55% from last year. Exports of upland cotton tallied 281,647 RB, a climb of 35.1% from last week and up 33.77% over this time in 2017. The Cotlook A Index for January 10 was 25 points higher than the previous day at 89.05 cents/lb.

Mar 18 Cotton closed at 82.650, up 300 points,

May 18 Cotton closed at 82.960, up 300 points

Jul 18 Cotton closed at 83.070, up 292 points




Market Commentary provided by:

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