Cotton prices are experiencing a decline of 50 to 86 points on Monday morning, following a mixed performance last week where May contracts fell by 2 points. Crude oil prices surged by $5.07 after the recent US/Israeli strikes on Iran, while the US dollar index rose by 0.840 to 98.405.
Recent data from the Commitment of Traders indicates that as of Tuesday, spec funds reduced their net short positions by 14,140 contracts, bringing the total to 65,368. Additionally, export sales data showed a commitment of 8.75 million running bales in cotton, down 9% year-over-year, representing 78% of the USDA’s full marketing year projection, behind the 91% average sales pace.
As of the latest reporting, ICE certified cotton stocks remained steady at 119,457 bales, with the Adjusted World Price increasing by 1.79 cents to 51.84 cents per pound.
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