Cotton is trading mostly higher this morning, excluding folks closing out positions in nearby March. Following the President’s Day break, front month cotton futures extended their sell off with 71 to 188 point losses. For March, that close was off the day’s lows – which were @ +200-point losses. New crop cotton prices were also down by triple digits, with Dec printing its weakest close for the month of Feb.
The Cotlook A index from 2/21 was 150 points higher to 137.20 cents/lb. USDA’s FSA reduced the Adjusted World Price for cotton 298 points to 114.62 cents/lb.
Mar 22 Cotton closed at 121.11, down 188 points, down 53 this morning
May 22 Cotton closed at 120.29, down 87 points, up 75 this morning
Dec 22 Cotton closed at 101.66, down 113 points, up 89 this morning
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