Cotton Futures Post New Highs for the Move

Overnight cotton trading has the board 27 to 113 points higher, building on Monday’s rally. At the close, Monday’s recovery left prices 143 to 159 points back higher. USDA’s Daily Spot Quotations report showed 5,012 bales sold for an average price of 80.35 cents. MYTD cash sales were 1.2m bales in the report. Ahead of USDA’s Feb estimates, the trade is looking for a smaller production via lower yield. The average of trade expectations carries the smaller crop through to tighter ending stocks. Pre report expectations also hint at a higher export figure. The 02/05 Cotlook A index was up another 3.20 points to 90.90 cents per pound. USDA lowered the week’s Adjusted World Price for cotton to 66.38 cents/lb., effective through Thursday.

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