Cotton Resumes Buying Interest

Cotton prices are 99 to 136 points higher as the market is in full risk on mode following the weekend break. On Friday, cotton futures pulled back triple digits during the day session. Official December cotton exports were 1.4 million bales. That was up 7% from November and 8% yr/yr. CFTC data as of Feb 2nd showed managed money cotton traders were 3,955 contracts less net long via long liquidation. The group was still 63,706 contracts net long. The commercial position was 4,880 contracts less net short on the week. USDA’s weekly Cotton Market Review said 42,139 bales were sold on the week ending 02/04 @ an average price 77.4 cents/lb. The national average basis from cmdtyView is minus 2 cents. 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., effective through Thursday.

--- provided by Brugler Marketing & Management

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