Cotton futures are trading 38 to 58 points higher this morning. They closed Friday with gains of 6 to 35 points. The US dollar index was weaker overnight, and the S&P futures were higher. The CFTC commitment of Traders report showed managed money lowering their net long position by 14,489 contracts during the week that ended 2/6. The position in cotton futures and options was at 81,887 contracts on that date. The USDA Adjusted World Price or AWP was updated to 69.45 cents/lb this morning, which was down 195 points from the previous week. The Cotlook A index on February 8 was 86.70 cents/lb, down 25 points from the previous day. The NCC grower survey released on Saturday anticipates a 3.7% increase in US all cotton acreage in 2018.

Market Commentary provided by:

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