Cotton futures are trading 11 to 17 points higher this morning. They settled with 12 to 38 point gains in the front months on Friday. USDA left the US cotton balance sheet UNCH, with the only adjustment a reduction in the average farm price range, down 2 cents to 69-71. Expected World ending stocks were hiked 509,000 bales to 76.09 million on larger Brazil production. The Cotlook A Index was down 40 points on March 7 to 82.25 cents/lb. The USDA Adjusted World Price (AWP) was updated to 63.42 cents/ lb on Thursday, up 75 points. The Cotton Ginnings report indicated 17.471 million bales had been ginned as of March 1, down 10.67% from the same time last year. Spec in cotton futures and options trimmed their large net short position, now at 18,301 contracts, by 2,723 contracts in the week of 3/5.
--provided by Brugler Marketing & Management