Cotton Market Down 88 to 111 Points

Cotton starts the new trade week with more losses. Futures are down 88 to 111 points as China has officially extended the Chinese New Year holiday shut downs and is limiting travel. Cotton futures fell 63 points on the last trade day of the week, which helped solidify the weekly loss at 180 points. As of 01/21, cotton spec traders were still, albeit less, net long. For the week ending 01/16 cotton bookings were up 32.12% with the USDA reporting 307,764 RBs of sales. The week’s sales were the highest since the week ending 11/7. In the same report, USDA listed exports at 282,590 RBs, a weekly reduction of 6.34% but an increase of 18.45% over the same week last year. MYTD cotton shipments are at 4.721m RBs, which is 16.57% more than last year at this time. The Cotlook A index completely regained the 180 points and is back up to 80.20 cents/lb for 01/23. The AWP for cotton is 61.29 cents/lb.

---provided by Brugler Marketing & Management

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