Thursday Gains for Cotton

Cotton futures printed another fresh high on Thursday. Front month futures closed off the highs, but held on to 33 to 37 point gains. New crop futures were just 8 points higher at the close. USDA’s Outlook Forum preliminary cotton acreage decline was less than the average trade expectation, anticipating 12 million acres will be planted. The preliminary outlook was not survey based, the first survey report is March Prospective Plantings Survey (3/31) and the official acreage estimate is set for June 30. USDA’s Daily Spot Quotations reported basis is still 4.89 cents under March, stating 1,873 bales sold on 2/18. The Cotlook A index was 80 points better at 94.60 cents for Feb 17. The week’s new AWP for cotton is 73.13 cents/lb, another 2.81 cents higher wk/wk.

Mar 21 Cotton closed at 88.73, up 37 points,
May 21 Cotton closed at 90.3, up 37 points
Jul 21 Cotton closed at 91.04, up 33 points
Dec 21 Cotton closed at 85.08, up 8 points

--- provided by Brugler Marketing & Management

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