Cotton futures prices fell significantly on Friday, with July contracts closing down 333 points at 80.61 cents per pound, while December contracts dropped 259 points to 81.89 cents. For the week ending May 12, managed money increased their net long in cotton futures and options by 8,386 contracts, bringing the total to 59,570 contracts. The USDA’s export report noted U.S. exports at 10.863 million running bales, representing 97% of the projected forecast but behind the average sales pace.
In broader market movements, the U.S. dollar index rose by $0.467 to reach $99.195, and crude oil prices increased by $4.49, closing at $105.66 per barrel. There was uncertainty surrounding trade discussions between U.S. President Trump and China’s President Xi, although Trump asserted that U.S. farmers would benefit from the agreements made.
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