Cotton

Cotton futures are 24 to 66 points higher this morning on a weaker US dollar and indications that additional investment money is coming into commodities. The dollar is weaker. Cotton futures were mostly 91 to 187 points in the green on Friday, after seeing a 7.57% increase since last week. Open interest is under 1000 contracts in the March as expiration approaches. Export sales of old crop Upland cotton were reported at 399,123 RB for the week of February 15. New crop sales were shown at 177,217 RB. Shipments of cotton were reported at 333,531 RB, above last week but still 2.08% lower than the same time a year ago. Cotton yield is expected to drop to 828 lbs/acre during 2018/19 according to the USDA's Ag Outlook Forum. The lower yield is expected to more than offset the more acreage to drop production 1.76 million bales to 19.5 million bales. The USDA Adjusted World Price or AWP was updated to 69.69 cents/lb, effective through Thursday. The Cotlook A index was up 150 points from the previous day on February 22 at 90.20 cents/lb.




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