Cotton Surges Above 90 Cents

Cotton futures have breached the 90 cent mark, trading 49 to 147 points higher this morning. They had ended Friday with 17 to 42 point gains. USDA’s preliminary Outlook Forum estimates for new crop cotton were for a 17.5m bale crop on 12m planted acres. Production was well above the trade average guess of 16.43m bales, however carryout matched expectations as USDA forecasted 3.8m bales. The cash price estimate was 75 cents. The weekly CoT report showed managed money was 68,568 contracts net long in cotton futures and options as of 2/16. Commercials were 157,169 contracts net short. Cotton bookings from the weekly Export Sales update were 119,515 RBs. That was down 57% on the week and was 66% below the same week last year. China booked 37% of the total sales on the week. USDA’s weekly cotton market review average price for the week ending 2/19 was 84.73 cents.lb. The Cotlook A index was 50 points higher to 95.10 cents for Feb 18. The week’s AWP for cotton is 73.13 cents/lb.

--- provided by Brugler Marketing & Management




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