Cotton futures experienced significant gains on February 19, 2023, with March contracts closing up 110 points at 63.03 cents per pound. Crude oil prices dropped by 4 cents to $66.36 per barrel, while the US dollar index fell by $0.170 to 97.685.
According to the USDA’s Export Sales report, cotton sales reached 466,253 running bales for the week ending February 12, marking a marketing year high. Vietnam was the largest buyer, purchasing 144,800 bales, followed by Bangladesh at 126,400 bales and Pakistan at 50,000 bales. Meanwhile, shipments totalled 172,615 bales, their lowest in five weeks.
CFTC data indicated an increase of 3,906 contracts in managed money net short positions, bringing the total to 79,508 contracts. ICE certified cotton stocks rose by 2,382 bales to 119,457 bales as of February 19.
