Cotton

Cotton futures are trading 8 to 10 points lower this morning. They posted triple digit losses in most nearby contracts yesterday, with deferred months 32 to 77 cents lower. Pressure came mostly from end of month profit taking and competition from lower crude oil. Traders are also positioning for the index fund roll period. The US dollar is weaker this morning following the President’s lengthy State of the Union speech last night. Friday’s Cotton Classing report showed 572,005 bales of upland cotton were classed during the week of Jan 25. That brings the total to 17.461 million bales so far this year. The Cotlook A index on January 29 was at 90.90 cents/lb, down 150 points from the previous day. Online cash sales on Monday totaled 7,688 bales, with prices down 298 points to 69.34 cents/lb.




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