Cotton futures are posting triple digit gains in most nearby contracts at midday. All upland cotton old crop export sales of 326,520 RB were reported by the USDA this morning. That was larger than expectations, as sales rose 25.75% from last week and were 18.02% larger than this time in 2016. China bought 61,000 RB, with Indonesia purchasing 52,600 RB. New crop sales of upland came in at 31,862 RB, as Pima sales were reported at 11,200 RB. The USDA Adjusted World Price was updated to 68 cents/lb, 205 points higher than the previous week. The Cotlook A index was 20 points lower from the day prior on December 20 to 85.75 cents/lb. Online cash sales on the Seam were up to 17,956 bales on December 20, with prices averaging 69.20 cents/lb, down 12 points from the previous day.

Mar 18 Cotton is at 77.28, up 157 points,

May 18 Cotton is at 77.41, up 129 points

Jul 18 Cotton is at 77.55, up 87 points

Market Commentary provided by:

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