Cotton

Cotton futures are currently 29 lower to 35 higher, with nearby March retreating from a strong 3 day rally ahead of the weekend. They were mixed on Thursday, with nearby March 163 points higher on thin trade. Deferred contracts were mostly steady to 92 points lower. Cotton acreage is expected to hit 13.3 million acres in 2018 according to the USDA's Ag Outlook Forum. That is well above the 2017 number of 12.6 million acres. The average price expected by the USDA chief economist is 63 cents/lb, down 6 cents from the previous week. The USDA Adjusted World Price or AWP was updated to 69.69 cents/lb on Thursday, 54 points higher than the previous week. The Cotlook A index was up 185 points from the previous day on February 21 at 88.70 cents/lb.




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