Cotton Futures Extend Gains in Early Morning Trade

Cotton trading followed the big upswing yesterday with 18 to 43 point gains this morning. New crop futures also rallied triple digits yesterday, with December now above 81 cents. The Weekly Export Sales report from USDA showed 286,695 RBs of cotton booked in the week ending Jan 28. That was down 12% on the week and was 17% below sales from the same week last season. MYTD commitments were 12.8 million RBs as of 01/28. The daily Cotton Spot Quotations report showed a large 22,864 bales sold on the upswing, the average price is now 80.35 cents/lb maintaining basis. The Cotlook A index was up another 55 points to 87.45 cents per pound on 02/03. USDA lowered the week’s Adjusted World Price for cotton by 121 points to 66.38 cents/lb.

--- provided by Brugler Marketing & Management

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