Cotton Futures Fade Tuesday Gains Overnight

Cotton futures are 33 to 37 points lower, with a little profit taking to start the midweek session. On Tuesday, front month cotton futures were 246 to 265 points higher, setting new contract highs. 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. USDA cut global stocks by 580k bales to 95.74 million on increased use. 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.

--- provided by Brugler Marketing & Management




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