Friday Pullback In Cotton Market

Following the large spike higher yesterday, front month cotton futures are giving back 82 to 97 points. A little profit taking is reasonable after such a pop. New crop December is still above 80 cents, with a midday drop of 47 points. 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 national average basis from cmdtyView is minus 2 cents. The Weekly Export Sales report from USDA showed 286,695 RBs of cotton booked in the week ending Jan 28. The 02/04 Cotlook A index was up another 25 points to 87.70 cents per pound. USDA lowered the week’s Adjusted World Price for cotton by 121 points to 66.38 cents/lb.

Mar 21 Cotton is at 83.31, down 97 points,
May 21 Cotton is at 84.58, down 91 points
Jul 21 Cotton is at 85.39, down 82 points
Dec 21 Cotton is at 80.6, down 47 points

--- provided by Brugler Marketing & Management

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