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Midweek Cotton Rallying on Export Data
Cotton futures are up by as much as 94 points and are near the highs for the day following Census export data. Census data confirmed cotton exports were 1.106m bales in December. That was a 3-yr high for the month and was a MY high for the season. The season’s total was up to 3.746 million bales through Dec. The Cotlook A Index was up by another 60 points to 95.85 cents. USDA’s weekly Cotton Market Review had 30,988 bales sold for the week with an average price of 81.35 cents/lb. The AWP is 67.64 cents. ICE certified stocks were only 999 bales as of 1/26, with the March contract delivery period just a few weeks away.
Mar 24 Cotton is at 88.53, up 99 points, May 24 Cotton is at 89.38, up 98 points, Jul 24 Cotton is at 89.59, up 72 points On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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