Cotton

Cotton futures are trading 8 to 109 points higher this morning, with a bit of a short squeeze in the illiquid March contract, and December holding back after posting new life of contract highs last week. Futures were 15 to 28 points higher on Friday. Exports of upland cotton were down 16.44% from last week at 278,682 RB, which was 12.69% lower than last year. Total upland export commitments through 2/22 were 19.4% larger than last year, slipping some from the previous week. They are now 98% of the USDA full year export projection, above the average of 84% and last year’s 98%. They have to go to 105-110% in most years due to routine deferrals. The marketing year ends July 31 for cotton. The Adjusted World Price or AWP was updated to 73.09 cents/lb on Thursday, up 340 points from the previous week. The Cotlook A index was up 70 points from the previous day on March 1 at 92.40 cents/lb.




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