Cotton prices showed a slight increase in Tuesday morning trading, climbing between 2 to 57 points. The July futures contract closed at 77.42 cents per pound, down 56 points, while December futures closed at 79.33 cents, down 40 points. Notably, the July contract has seen a decline of 319 points over the week.
According to CFTC data, managed money added 2,475 cotton futures and options contracts to reach a total of 62,045 contracts as of May 19. The USDA reported total cotton export commitments at 10.994 million running bales, 1% lower than last year, equating to 98% of their export projection.
In related commodities, the US dollar index rose to $99.270, and crude oil prices were up $0.65 to $97.00 but down $3.85 from Friday amid ongoing negotiations between the US and Iran.
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