Cotton is modestly higher this am.
Cotton prices pulled back after Tuesday’s short covering surge and are trading a little higher this morning. Chinese New Year starts this coming Monday and Chinese markets will be quiet for two weeks. Ahead of that holiday, there is often some buying. If the buying appears, it will support the market in the short term, but prices often slump while China is on holiday. The US Dollar Index is down 25 points at 80.57. Crude oil is up 77 cents at $101.37. March soybeans are up 11 cents overnight at $11.94 ½. March corn is up 3 ¾ cents overnight at $5.97 ¼. March wheat is up 3 ½ cents overnight at $5.95 ¼. China’s cotton prices were steady to a little lower.
FLANAGAN TRADING CORPORATION
4901 Draycroft Place, Fuquay-Varina, North Carolina, 27526
Tel: 800-830-0539 or 919-557-8200 E-mail: cottonjohn@aol.com
Cell: 919 801 1567
