Cotton #2 Futures Market News and Commentary
Cotton futures fell another 63 points on the last trade day of the week, which helped increase the weekly loss to 180 points. As of Tuesday, cotton spec traders were still, albeit less, net long. For the week ending 01/16 cotton bookings were up 32.12% with the USDA reporting 307,764 RBs of sales. The week’s sales were the highest since the week ending 11/7. In the same report, USDA listed exports at 282,590 RBs, a weekly reduction of 6.34% but an increase of 18.45% over the same week last year. MYTD cotton shipments are at 4.721m RBs, which is 16.57% more than last year at this time. The Cotlook A index completely regained the 180 points and is back up to 80.20 cents/lb for 01/23. The AWP for cotton is 61.29 cents/lb.
Mar 20 Cotton closed at 69.4, down 63 points,
May 20 Cotton closed at 70.2, down 55 points
Jul 20 Cotton closed at 71.12, down 47 points
Oct 20 Cotton closed at 70.39, up 60 points
---provided by Brugler Marketing & Management