Cotton Closes Up Triple Digits

At the close, front month cotton futures were 246 to 265 points higher. New crop prices closed 1.55 cents higher in December and 1.7 cents higher for thin October. The USDA Feb WASDE maintained the 68 cent/lb average cash price. Exports were 250k bales higher to 15.5 million, tightening stocks by the same amount to 4.3m bales. 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 on increased use. The bi-monthly cotton ginnings report said 13.995m bales were ginned through Feb. That remains the lowest since 15/16. The online cotton trading platform The Seam reported 10,002 bales sold on Feb 8 for an average gross price of 80.17 cents/lb. USDA’s Daily Spot Quotations reported 13,909 bales sold at spot on 02/09. The average cash price was 83 cents flat to maintain basis. 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 closed at 86.93, up 265 points,
May 21 Cotton closed at 88.13, up 253 points
Jul 21 Cotton closed at 88.89, up 246 points
Dec 21 Cotton closed at 83.67, up 155 points

--- provided by Brugler Marketing & Management

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