Cotton Offsets Thursday Losses Overnight

After Thursday’s drops, cotton bulls nudged 17 to 38 points higher overnight. Cotton futures closed down by 26 to 30 points yesterday. New crop Dec contracts ended with a 14 point gain on anticipated acre reduction. USDA’s weekly Export Sales report showed upland cotton sales on the week ending 12/31 were 153,052 RBs. That was down from 287k LW, but up from 152k RBs for the same week in 2019/20. Official Census exports for November were reported at 1.33m bales, a new record for the month. October was also a record, bringing MYTD official exports to a record 4.87m bales through the first 4 months. USDA’s Daily Spot Quotations report showed 8,271 ales sold at spot on Thursday, for an average gross price of 75.40 c/lb. The Cotlook A index was up another 120 points on 1/6, now at 86.80 cents/lb. The AWP was reduced 78 points to 62.25 cents/lb. 

--- provided by Brugler Marketing & Management




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