Cotton Mixed to Mostly Lower

Cotton futures moved 37 to 40 points lower in the deferred contracts, while March cotton closed Friday’s session with an 18 point gain. March futures were up 146 points wk/wk. CFTC data from 02/18 showed that managed money was 31,429 contracts net long in cotton, which was 7.23% lower wk/wk. The USDA released Export Sales data for the week ending 02/13, showing 235,302 RBs of upland cotton sold on the week. That is 32.94% lower than last week’s sales, but 44.48% higher than the same week last year. The report also showed 141,240 RBs of new crop cotton were sold on the same week, which is 425.08% more than the same week last year. the Export Sales report had upland cotton shipments for the week ending 02/13 at 357,681 RBs to put MYTD shipments at 6.243m RBs. That is 1.239m RBs (or 24.76%) more than this time last year. China was the destination for 46,365 RBs, or 12.34% of the total. Accumulated shipments to the PRC are 710,359 RBs, which is 32.64% higher than last year’s pace, the country accounts for 11.38% of total MYTD exports. The USDA Ag Outlook data noted a 2.5m bale reduction to world cotton stocks in the 20/21 MY, citing larger growth in global consumption relative to production growth. The Cotlook A index for 02/20 was up 80 points to 78.30 cents/lb. The FSA weekly updated AWP for cotton was updated to 59.03 cents/lb,

Mar 20 Cotton closed at 68.93, up 18 points,

May 20 Cotton closed at 69, down 37 points

Jul 20 Cotton closed at 69.84, down 40 points

Oct 20 Cotton closed at 69.24, down 40 points

---provided by Brugler Marketing & Management

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