Cotton futures are down 54 to 57 points in the front months at midday. The US dollar is showing 300 points higher at the moment. Spec traders in cotton futures and options backed 11,786 contracts off their large CFTC net long position to 96,376 contracts as of Jan 30. Friday’s Cotton Classing report showed 427,966 bales of upland cotton was classed during the week of Feb 1, bringing the total this season to 17.889 million bales. The USDA Adjusted World Price or AWP is 71.35 cents/lb, through Thursday. The Cotlook A index on February 1 was 89.05 cents/lb, up 120 points from the previous day.

Mar 18 Cotton is at 76.74, down 56 points,

May 18 Cotton is at 78.04, down 57 points

Jul 18 Cotton is at 78.92, down 54 points

Market Commentary provided by:

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