By admin       2018-01-22

ICE cotton futures gained 1 percent on Friday after a strong U.S. government export sales report prompted purchases. The most active ICE cotton contract for March expiry settled up 0.79 cent, or 0.96 percent, at 83.42 cents per lb. It traded within a range of 82.36 and 83.76 cents a lb. Cotton futures were up 2.1 percent for the week and marked its 12th weekly rise in 13. "It's a bullish trend and we had very supportive sales in exports data today... That was the impetus to go up," said Keith Brown, principal at cotton brokers Keith Brown and Co in Moultrie, Georgia. "There's a lot of mill fixation yet to happen. Every time the market dips you're probably seeing some normal buying from specs but some of these mills are buying in some cotton as well," Brown said. The U.S. Department of Agriculture (USDA) on Friday reported exports of 289,900 running bales for the week ended Jan. 11, a marketing-year high, which were up 3 percent from the previous week and 27 percent from the prior 4-week average. Net upland sales totaled 275,100 running bales for 2017/2018 for the same period, which was little changed from the previous week, but up 15 percent from the prior 4-week average. Total futures market volume fell by 14,652 to 31,908 lots. Data showed total open interest gained 4,089 to 308,726 contracts in the previous session. Mali on track to harvest record cotton crop of 725,000 T Mali has harvested around 721,000 tonnes of cotton to date and is on track to hit its initial forecast of a record crop of 725,000 tonnes, a senior Chamber of Agriculture official said late on Friday. Only last month, the West African nation trimmed the forecast to 706,000 tonnes for the current 2017/18 season due to an earlier than anticipated end to the rainy season. ... However those concerns have not materialised, Br�hima Ciss�, the chamber's secretary-general, told Reuters. Mali is Africa's second-biggest cotton producer behind neighbour Burkina Faso and produced 647,000 tonnes of raw, unginned cotton last season. Industry players say this season's increased production is largely due to higher world prices and government fertiliser subsidies. Mali's cotton season runs from April to March in two phases: production between May/June and September/October, and a harvesting and marketing phase that runs from October/November to the end of March.� Speculators triple bearish stance in ICE raw sugar -CFTC *Speculators more than tripled their bearish stance in raw sugar contracts on ICE Futures U.S. in the holiday-shortened week to Jan. 16, while they raised their bullish position in cotton to a 10-month high, U.S. government data showed on Friday. In cotton, speculators added 7,995 contracts to their net long position, bringing it to 109,345 contracts, the ninth straight increase, CFTC data showed. In sugar, the noncommercial dealers increased their net short position by 67,967 contracts to 96,158 contracts, a four-week high. The bearish move came partly during the official index fund re-weighting period from Jan. 8-12, when they were expected to buy 50,000 to 60,000 lots.� 2018-01-20 10:44:18 Weekly world market price for upland cotton - USDA The U.S. Agriculture Department set the prevailing world market price for upland cotton at 74.45 cents per lb, effective beginning at 12:01 a.m. Eastern Time January 19

Download App

# #

Member Login