Cotton prices experienced a decline of 65 to 103 points on Monday morning, following a strong closing on Friday where contracts rose 89 to 199 points. The July contract was up 483 points and December gained 398 points for the week. As of the last update, the US dollar index was at $98.065, while crude oil prices fell to $102.50.
As of April 28, managed money increased their net long position in cotton futures and options by 3,891 contracts, totaling 38,355 contracts. Export commitments for cotton were at 10.691 million RB, which is 2% lower than last year’s figures at this time and 95% of the USDA’s export projection. ICE certified cotton stocks rose by 1,585 bales to 167,266 bales, with the Adjusted World Price also increasing by 40 points to 65.66 cents/lb.
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