Cotton prices fell 40 to 65 points on Monday morning, with futures losing 30 to 46 points on Friday and March contracts down 64 points for the week. As of January 22, U.S. cotton export commitments totaled 7.553 million running bales (RB), a 13% decline from last year, which represents 66% of the USDA’s export projection, significantly below the 84% five-year average.
On January 27, managed money increased its net short position in cotton by 13,077 contracts, bringing the total to 65,029 contracts. The Adjusted World Price was updated to 50.23 cents per pound, down 76 points from the previous week. In related markets, crude oil futures rose $0.32 to $64.74 per barrel, while the U.S. dollar index increased by $0.893 to 97.030.
