Cotton futures are 40 to 45 points higher this morning after they posted triple digit losses in the nearby contracts on Friday. The US dollar was up 168 points on the day but there was also some routine pre-weekend profit taking. President Trump is expected to deliver a major ag policy speech at the American Farm Bureau convention in Nashville this afternoon. Total US cotton export commitments are 78% of the full year USDA forecast, running ahead of the average of 67% for this time. The USDA Adjusted World Price (AWP), was updated to 70.86 cents/lb. That is 14 points higher than the previous week. The Cotlook A Index for January 4 was 50 points higher than the previous day at 88.80 cents/lb. Online cash sales of 34,358 bales were reported on the Seam, with an average price of 71.25 cents/lb, up 108 points from the day prior.

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