Cotton Futures Change Directions

Wide intraday cotton swings continue through Thursday, as front month cotton futures are up 90 to 94 points. New crop futures are 40 points higher so far. USDA’s Export Sales report showed 275,364 RBs sold on the week ending 02/04. That was down 4% wk/wk, and 17% below the same week last year. China was the top buyer on the week, and the top destination for the 46 week high export of 433,629 RBs. New crop sales of 170,104 RBs brought the forward book above 1m RBs, now 2% ahead of last season’s forward sales. Weekly shipments totaled 433,629 RB, a MY high. USDA’s Daily Spot Quotations reported 6,968 bales sold at spot on 02/10. The Cotlook A index was another 210 points higher on Feb 10, to 93.2 cents/lb. The AWP for cotton is 66.38 cents/lb, and will be updated after the close.

Mar 21 Cotton is at 85.61, up 94 points,
May 21 Cotton is at 87.1, up 92 points
Jul 21 Cotton is at 87.9, up 90 points
Dec 21 Cotton is at 82.94, up 40 points

--- provided by Brugler Marketing & Management

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