Cotton 49 to 72 Points Lower on Profit Taking
Cotton is 49 to 72 points lower this morning amid some broad ag commodity profit taking. Front month cotton prices gained 98 to 111 points on Thursday, posting new life of contract highs. USDA’s Daily Spot Quotations reported 16,145 bales sold on 1/21, for an average of 78.64 cents/lb. The average basis strengthened 21 points. New crop cotton planted acres were estimated to be 11.5 million, by private firm IHS Markit. That was a 1.5m acre drop from their December forecast. ICE certified stocks were 2,018 higher on Jan 19 to 68,631 bales. The Cotlook A index half a cent higher to 87.60 cents/lb. USDA’s FSA raised the AWP for cotton another 47 points to 66.7 cents/lb.
--- provided by Brugler Marketing & Management
