Cotton futures experienced losses ranging from 25 to 45 points on Friday, with March contracts at 63.82 cents per pound, down 45 points. Meanwhile, crude oil futures declined by 41 cents per barrel to $57.01, while the US dollar index rose by $0.058 to 98.105.
On Wednesday, the USDA announced payment details for the Farm Bridge Assistance program, setting the cotton payment at $117.35 per acre. Additionally, the Commodity Futures Trading Commission (CFTC) reported a reduction of 4,387 contracts in managed money’s net short positions, bringing the total to 50,446 contracts as of December 23. The Adjusted World Price for cotton was updated to 50.76 cents per pound as of Friday morning, reflecting an increase of 74 points from the previous week, while the Loan Deficiency Payment (LDP) rate is now 1.24 cents.
