Cotton Futures Post Triple Digit Gains Overnight

Overnight action in the cotton futures market has the board another 100 to 116 points higher, setting life of contract highs across the board. At the close on Wednesday, cotton futures had gained triple digits in old crop futures. For May, the 102 point gain was the 9th consecutive higher close, and it has increased 19% since the turn of the calendar year. Preliminary open interest data for March show just 25 contracts left as of 2/23. USDA’s Daily Spot Quotations report showed 3,309 bales sold via the 2/24 report. USDA maintained the -4.89 cent basis. The Cotlook A index was a stark 175 points higher on Feb 23, up to 97.35 cents. The week’s AWP for cotton is 73.13 cents/lb, but will be updated this afternoon. ICE certified stocks are still at 100,326 bales through 2/23.

--- provided by Brugler Marketing & Management

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