Cotton Sharply Higher Overnight

The short week starts with cotton 56 to 154 points higher overnight. On Friday, futures posted 75 to 86 point gains. For March contracts that was a stout 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. 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.

--- provided by Brugler Marketing & Management




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