Cotton futures are trading 4 to 17 points higher this morning. They posted some triple digit gains on Thursday. End of month profit taking took cotton down early in the week, and first of month buying boosted it on Thursday. Support came from a lower US dollar and a positive Export Sales report. Upland cotton sales during the week of Jan 25 were more than 4 times larger than the week prior at 303,345 RB. Weekly Shipments of upland cotton hit a marketing year high of 305,086 RB, which was 31.19% larger than the week prior but down 13.93% from this time last year. The afternoon USDA cotton consumption report showed 1,715 RB of cotton was consumed in the US during December, well below last year. The USDA Adjusted World Price or AWP was updated to 71.35 cents/lb, down 395 points from the previous week. The Cotlook A index on January 31 was 87.60 cents/lb, down 125 points from the previous day.

Market Commentary provided by:

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