The front month cotton futures finished 0.5% to 1.8% higher on the last trade day of the week. The old crop futures again led the way, leaving the March contract at a net 264 point gain for the week and a 373 point premium to Dec.
FAS Export Sales data had 420k RBs of cotton sold during the week that ended 1/11. That was a 60% increase from the week prior led by sales to China. Cotton commitments were 9.06m RBs, compared to 8.86m at the same time last year.
The Seam confirmed 22,023 bales were sold for an average gross price of 78.54 cents/lb. ICE certified stocks were 1,949 bales as of 1/17. The Cotlook A Index remained at 91.65 cents/lb for 1/17. The Adjusted World Price for cotton is 65.47 cents/lb via the FSA’s update. That is up 51 points vs the previous week.
Mar 24 Cotton closed at 83.95, up 144 points,
May 24 Cotton closed at 84.89, up 150 points,
Jul 24 Cotton closed at 85.32, up 136 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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