Cotton Futures Recover on Thursday

Big moves in cotton continued on Thursday with the 6th consecutive triple digit move day. Thursday’s big move was a gain, with contracts ending 124 to 174 points in the black. 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 1 million 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 just 667 bales sold on Feb 11. The Cotlook A index was another 210 points higher on Feb 10, to 93.2 cents/lb. The week’s new AWP for cotton is 70.32 cents/lb, up by 3.94 cents on the week.

Mar 21 Cotton closed at 86.41, up 174 points,
May 21 Cotton closed at 87.87, up 169 points
Jul 21 Cotton closed at 88.66, up 166 points
Dec 21 Cotton closed at 83.78, up 124 points

--- provided by Brugler Marketing & Management




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