Cotton Gaining at Midday

Following USDA’s updates, cotton futures are 83 to 90 points in the black. USDA raised the national average cash price by 3 cents to 68 cents/lb. Yields were another 25 lbs/acre lighter to 825 lbs. Production then dropped 1 million to 14.95 million. The average pre report estimate was for 15.66 million. USDA raised export by 250k bales. With lighter production and higher exports, ending stocks are 1.1m bales lower from December at 4.6 million. Globally, cotton stocks were 1.2m bales lighter at 96.32. The Cotlook A index was firm at 86.30 cents/lb on 01/11. The AWP is 62.25 cents/lb through Thursday. 

Mar 21 Cotton is at 81.33, up 90 points,
May 21 Cotton is at 82.01, up 84 points
Jul 21 Cotton is at 82.69, up 83 points
Dec 21 Cotton is at 76.89, up 29 points

--- provided by Brugler Marketing & Management




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