Old crop cotton hits all time high, keeps going.
Export sales are strong.
Tight supplies are behind the upward movement.
December 2010 cotton prices reached $1.19 per pound in Friday (Oct. 22) trading at the Intercontinental Exchange, the highest price in 140 years of trading. The price continued in the same direction on Monday, and had reached $1.24 per pound in early trading. The previous record was $1.17, set on April 24, 1995.
High prices are being driven by short supplies and strong demand. Export sales for the week ending Oct. 14 were 518,000 bales, although only 89,000 bales were shipped. The Cotlook A-Index hit an all time high of $1.31 per pound on Thursday, Oct. 21.