By Keith Brown, DTN Contributing Cotton Analyst 

The cotton market finished with triple-digit gains Thursday day as the marketing-year-high shipment portion of Thursday’s weekly export sales encouraged the bulls’ cause. Also, the bounce in the Chicago grains provided some friendly inspiration to cotton as well.

In addition to the neutral-friendly export sales, the market received the results of the National Cotton Council’s membership survey for the 2021 crop. Acres were pegged at 11.50 million, down 5% from 2020. Of course, USDA will release its planting intentions data at the end of calendar March. That will be the official number the market will focus upon as far as yields are concerned.

Even with the slightly weaker sales seen on Thursday’s report, cumulative sales as of Jan. 28 had reached 89% of the USDA’s forecast for the marketing year. The five-year average stands at 77% for this time of year.

With March cotton’s impending delivery on Feb. 22, certified stocks are up from 93,667 the previous session and 82,933 the week before. In fact, exchange warehouse stocks have increased for 14 straight sessions and are the highest they have been since Dec. 7. Such increases slant towards there being deliveries against the spot month March Contract.

Heading into Friday’s session, and in front of a three-day weekend, March cotton is up 3.67 cents on the week, 5.77 cents for the month and 8.29 cents for the month.

Thursday, March cotton closed at 86.41 cents, up 1.74 cents, July settled at 88.66 cents, up 1.66 cents and December cotton ended at 83.78 cents, up 1.24 cents; estimated volume was 63,787 contracts.