Cotton futures fell 68 to 110 points on Tuesday morning after closing 110 to 309 points higher on Monday. The US dollar index decreased by $0.298 to $98.91, while crude oil prices rose by $1.83 to $107.25. Recent US-China talks have led to commitments for China to purchase at least $17 billion annually in U.S. agricultural products for the next three years.
As of May 17, 41% of the U.S. cotton crop was planted, slightly ahead of the 5-year average of 40%. The Cotlook A Index dropped 275 points to 93.90 cents on May 15, and ICE certified cotton stocks increased by 324 bales to a total of 193,438 bales.
The Adjusted World Price rose by 228 points last week to 71.87 cents/lb. Recent cotton contracts showed: July 26 closing at 83.7 cents (down 110 points), December 26 at 83.98 cents (down 103 points), and March 27 at 84.59 cents (down 104 points).
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