Cotton Rally Continues through Report Response

Cotton futures are trading with triple digit gains following USDA’s Feb S&D estimates. USDA left production figures UNCH from Jan, with a 14.95 million lb crop on 825 lb/acre yield. USDA did increase exports by 250k bales, now at 15.5 million. The average cash price for the MY is still 68 cents/lb. Globally, cotton production was increased by 1.27m bales to 114.14. Even with the higher production, USDA cut global stocks by 580k bales to 95.74 million. USDA’s Daily Spot Quotations report showed 5,012 bales sold for an average price of 80.35 cents. The Cotlook A index retreated 140 points to 89.50 cents on Feb 8. USDA’s AWP for cotton is 66.38 cents/lb, effective through Thursday.

Mar 21 Cotton is at 86.26, up 198 points,
May 21 Cotton is at 87.45, up 185 points
Jul 21 Cotton is at 88.07, up 164 points
Dec 21 Cotton is at 83, up 88 points

--- provided by Brugler Marketing & Management

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