Cotton

Cotton futures are surging higher this morning, up 98 to 136 points and into life of contract highs. They also posted strong trade on Wednesday, with most nearby contracts showing triple digit gains. The US dollar was weaker yesterday, and again overnight. Analysts expect US exports to see another increase in Friday’s USDA supply/demand report, as total commitments are well above the average. However that could be offset by the fact that actual exports are currently lagging behind this time last year. The Cotlook A Index for January 9 was 10 points higher than the previous day at 88.80 cents/lb. Online cash sales of 23,823 bales were reported on the Seam on Tuesday, with an average price of 70.5 cents/lb, up 83 points from the day prior.




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