Cotton Futures Back Off Overnight

Some overnight profit taking activity has cotton futures 68 to 61 points lower to start the last trade day of the week. Big moves in cotton continued on Thursday 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.

--- provided by Brugler Marketing & Management




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