Cotton Futures Sharply Higher on Dollar Weakness
Cotton prices are up 120 to 141 points in strong risk on trade activity. Many contracts are posting new life of contract highs. The dollar index is trading at a 4 session low following a blitz of spending and regulatory announcements on the first day of the Biden administration. Wednesday action left cotton 43 to 44 points higher at the close, after being firm at midday. USDA’s Daily Spot Quotations reported 8,807 bales sold on 1/20, for an average price of 77.45 cents. ICE certified stocks were 2,018 higher on Jan 19 to 68,631 bales. The Cotlook A index was firm at 87.10 on 1/19. The week’s AWP for cotton is 66.23 cents/lb.
--- provided by Brugler Marketing & Management
