By admin       2018-02-27

ICE cotton futures rose 1 percent to hit a one-month high on Monday, helped by supportive federal production and exports outlook for the 2018/19 natural fiber crop in the United States. *The most active ICE cotton contract for May expiry settled up 0.81 cent, or 1 percent, at 82.15 cents per lb. *It traded within a range of 81.00 and 82.52 cents a lb, its highest since Jan. 26. *"It's a follow up on USDA's tighter-than-expected 2018/19 balance sheet and strong export sales data that was released on Friday," said Louis Rose, director of research and analytics at Tennessee-based Rose Commodity. *The U.S. Department of Agriculture (USDA) in its cotton outlook on Friday said U.S. 2018/19 cotton production is expected to fall to 19.5 million bales, offset by higher abandonment and lower yields. *U.S. cotton exports are projected at a 13-year high of 16.0 million bales in 2018/19, due to expectations of a large U.S. exportable surplus, according to the USDA. *In its first 2018/19 world cotton projections, the agency said it anticipates that consumption will exceed production, bringing world stocks down by 6 million bales, more than offsetting 2017/18's 900,000-bale increase. *The USDA on Friday reported net upland sales of 399,100 running bales (RB) for 2017/2018 for the week ended Feb. 15 were up 9 percent from the previous week and 40 percent from the prior four-week average.... *Total futures market volume rose by 2,443 to 31,521 lots. Data showed total open interest gained 1,709 to 258,409 contracts in the previous session. *Certificated cotton stocks deliverable as of 23 Feb. 18 totaled 101,222 480-lb bales, up from 93,388 in the previous session.

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