Cotton Gains on Friday

Friday Cotton trading ended with prices near their highs, as the late rally left the board 75 to 86 points higher. For March contracts that was a 4.53 cent increase from Friday to Friday. New crop December contracts gained 11 points on the day and 3.31 cents on the week. CFTC data showed cotton traders covered shorts on the week ending 2/9, increasing their net long to 68,233 contracts. Commercials added 20,500 new shorts for the largest weekly hedge since the week ending 9/11 of 2018 of 203,251 contracts or ~20.74m bales. On net, cotton PMPUs were 156,901 contracts net short, a 132 week high. USDA’s weekly Cotton Market Review noted 41,485 bales were sold on the week ending 2/11, for a week’s average price of 81.08 cents. The Cotlook A index fell back 195 points on Feb 11 to 91.25 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 87.27, up 86 points,
May 21 Cotton closed at 88.66, up 79 points
Jul 21 Cotton closed at 89.41, up 75 points
Dec 21 Cotton closed at 83.89, up 11 points

--- provided by Brugler Marketing & Management

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