Cotton Futures Mixed as USDA Rolls Out Projections

Cotton futures are trading 7 lower to28 higher, with selling concentrated in the new crop December contract. Cotton printed new LOC highs for the front months yesterday, but at the close futures were just 33 to 37 points in the black. 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 S&D’s slated for today providing a glimpse at what may lie ahead for new crop. 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.

--- provided by Brugler Marketing & Management

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