Cotton Futures Extend Losses After Key Reversal on Thursday

Cotton prices are 43 to 133 points lower this morning after dropping the daily limit yesterday. Expiring March cotton futures have no daily limits during the delivery period, and they closed 4.09 cents weaker. May contracts were limited by the 4 cent allotted move, and the other front month cotton futures fell back 288 to 396 points. The weekly Export Sales data release showed 247,813 RBs sold on the week ending 2/18. That was more than double last week and up 5% yr/yr. New crop bookings were reported at 40,726 RBs bringing the total forward book to 1.156m RBs. USDA’s Daily Spot Quotations report showed 3,541 bales sold via the 2/25 report. The Cotlook A index for 2/24 was 97.6 cents/lb, up another quarter cent. The new USDA AWP for cotton is 75.76, up from 73.13 cents/lb last week.

--- provided by Brugler Marketing & Management

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