Cotton

Cotton futures are trading 24 to 30 points lower this morning. They finished Monday with 11 to 73 point losses in most contracts. Pressure was again from the US dollar, up 445 points on the day as well as a global sell off in equities. One CNBC headline put the global loss in paper value at $4 trillion. That said, there is now a lot of cash sitting on the sidelines looking for someplace to go. The International Cotton Advisory Committee currently estimates that the world cotton production will total 25.51 MMT in 17/18, 2.53 MMT larger than 16/17. Ending stocks are only estimated to increase 0.14 MMT to 18.88 MMT. The USDA Adjusted World Price or AWP is 71.35 cents/lb, through Thursday. The Cotlook A index on February 1 was 89.05 cents/lb, up 120 points from the previous day.




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