Cotton

Cotton futures are trading 23 to 136 points higher this morning, with old crop futures surging in anticipation of tighter stocks numbers from USDA. They settled Wednesday with the front months 4 to 43 points higher. Trade guesses ahead of Thursday’s USDA report show 17/18 exports 400,000 bales above the February projection at 14.9 million bales. Expected increases in exports would help to trim ending stocks for the US 500,000 to 5.5 million bales according to a Reuters survey. The Cotlook A index jumped 315 points higher from the previous day on March 6 at 94.60 cents/lb. Cash sales on the Seam were reported at 7,220 bales, with prices averaging 72.49 cents/lb. The Adjusted World Price (AWP) will be updated later today.