Cotton

Cotton futures are 110 to 144 points higher again this morning. They posted limit gains in the nearby March and May contracts yesterday, as most other front months saw triple digit gains. The US dollar helped, losing 419 points on the day. Expanded limits will be in effect today, just in time for the USDA reports! The USDA Adjusted World Price (AWP) was increased 35 points to 71.21 cents/lb on Thursday. The CFTC showed an unpriced on call position of 156,382 lots (16.289 million 480-lb bales), with 115,489 lots (12.03 million bales) for the 17/18 crop. Old crop cotton export sales were 16.35% above last year for this week and a jump of 41.55% from last year. Exports of upland cotton tallied 281,647 RB, a climb of 35.1% from last week and up 33.77% over this time in 2017. The Cotlook A Index for January 10 was 25 points higher than the previous day at 89.05 cents/lb.




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