Cotton #2 Futures Market News and Commentary
Cotton came out of the weekend with losses, front month futures were down 26 to 71 points. The March futures came back from midday lows closing with a high and reduced the carry to May. China has officially extended the Chinese New Year holiday shut downs into mid-February and is limiting travel. Some schools will be closed until at least February 17. All of this is expected to hit GDP growth and consumption of consumer goods. The online cotton trading platform The Seam sold 29,749 bales last week, as Friday trades added 3,017 bales at an avg gross price of 60.39 cents/lb. The Cotlook A index was back down 115 points and was 79.05 cents/lb for 01/24. The AWP for cotton is 61.29 cents/lb.
Mar 20 Cotton closed at 69.51, up 11 points,
May 20 Cotton closed at 69.94, down 26 points
Jul 20 Cotton closed at 70.68, down 44 points
Oct 20 Cotton closed at 69.68, down 71 points
---provided by Brugler Marketing & Management