Cotton futures vaulted to a slew of new contract highs Thursday on the heels of yet another round of robust U.S. weekly export sales and demand benefits seen from passage of tax reform legislation.

Spot March led the gains, settling up 223 points to 77.94 cents, near the high of its 266-point range from down 30 points at 75.41 to up 236 points at a new contract high of 78.07 cents. It blew through its prior contract high of 76.75 cents on Friday.

May closed up 184 points to 77.96 cents, trading within a 221-point range from 75.95 to 78.16 cents, and July finished up 149 points to 78.17 cents, trading within a 190-point range from 76.51 to 78.41 cents. Both were new contract highs.

The market also posted new highs in 2018-19 marketing year contracts, with December 2018 hitting a high of 73.85 cents and closing up 65 points at 73.74 cents.

Volume quickened to an estimated 41,203 lots from 22,878 lots the prior session when spreads accounted for 11,092 lots or 48% and EFP 166 lots. Options volume rose to 12,092 lots (7,426 calls and 4,666 puts) from 4,364 lots (2,349 calls and 2,015 puts).

Traders viewed an economic boost anticipated from sweeping tax cuts passed by Congress this week, including slashing the corporate tax rate to 21% from 35%, as benefiting long-range demand for cotton products.

Net all-cotton export sales for shipment this season catalyzed the big rally, jumping to 337,700 running bales during the week ended last Thursday from 269,800 RB the previous week. This boosted 2017-18 commitments to 10.875 million RB.

Commitments — outstanding sales of 7.98 million RB plus shipments — reached 76% of the USDA export projection and widened the lead over cumulative sales a year ago by 55,000 RB to 2.612 million RB. A year ago, commitments were 57% of final 2016-17 shipments.

Expectations had been for sales to slow from the prior week for a reporting period in which March futures had traded between 72.76 and 75.56 cents and ended with a period gain of 110 points to 75.33 cents. Weekly sales have beaten trade expectations with regularity.

Net sales for shipment next season of 31,900 RB raised combined sales for both marketing years to 369,600 RB, up from 305,800 RB the week before. Commitments for 2018-19 climbed to 1.147 million RB, more than double forward bookings a year ago of 560,700 RB.

The market didn’t blink at lagging all-cotton shipments slowing to 163,300 RB from 180,300 RB the week before. This brought the total for the season to 2.894 million RB, widening the gap behind exports a year ago to 567,000 RB. Shipments were 20% of the USDA estimate, compared with 24% of final 2016-17 exports at the corresponding point last season.

To achieve the USDA forecast, shipments need to average roughly 358,200 RB per week over the 32 weeks remaining in the marketing year, while weekly sales averaging approximately 108,800 RB would match the export projection.

Futures open interest expanded 2,148 lots to 267,236 on Wednesday, with March’s up 1,101 lots to 170,189 and May’s down 229 lots to 49,057. Certified stocks were unchanged at 47,628 bales. Cotton in deliverable position has remained at that level since Dec. 4.