New Highs for Cotton

Cotton futures are up triple digits at midday with gains of at least 2 cents/lb. New crop futures are also on the rally as 80 cent December is at new highs. The US dollar index (March futures contract) is trading at the highest level since December 1. The Weekly Export Sales report from USDA showed 286,695 RBs of cotton booked on the week ending Jan 28. That was down 12% on the week and was 17% below sales from the same week last season. Sales to PRC made up 30% of the total for the week, as China maintains a 35% share of the 12.8m RBs commitments. The daily Cotton Spot Quotations report showed 5,143 bales were sold on Wednesday with a national average price of 77.06 cents/lb. The Cotlook A index was up another 55 points to 87.45 cents per pound on 02/03. The AWP for cotton is 67.59 cents/lb, and will be updated after the close.

Mar 21 Cotton is at 83.33, up 234 points,
May 21 Cotton is at 84.51, up 218 points
Jul 21 Cotton is at 85.19, up 199 points
Dec 21 Cotton is at 80.19, up 128 points

--- provided by Brugler Marketing & Management

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