Cotton futures declined by 67 to 85 points across most contracts on Monday, with March 26 cotton closing at 62.97 cents, down 84 points. The USDA reported that as of January 15, cotton export commitments stood at 7.35 million running bales (RB), which is 13% lower than last year and represents only 64% of the USDA’s projection, falling significantly behind the average pace of 81%.
Additionally, crude oil futures decreased by 24 cents to $60.83 per barrel, while the US dollar index fell by $0.539 to 96.865. ICE certified cotton stocks decreased by 510 bales to a total of 9,912 bales, and the Adjusted World Price was updated to 50.99 cents per pound, down 18 points from the prior week.
