Cotton futures are currently trading down 14 to 18 points at midday, while crude oil futures have dropped $3.39 to $61.82 per barrel. The US dollar index has increased by $0.641, reaching 97.500.
In a recent post, President Trump announced that the U.S. has agreed to lower tariffs on India from 25% to 18%, and India has committed to purchasing over $500 billion worth of U.S. energy, technology, agriculture, and other products. India is historically among the top eight buyers of U.S. cotton.
In other market updates, the Commitment of Traders report from January 27 revealed that managed money added 13,077 contracts to their net short position, bringing the total to 65,029 contracts. The Adjusted World Price for cotton was updated to 50.23 cents per pound, a decline of 76 points from the previous week. Certified cotton stocks increased by 25,666 bales as of January 30, totaling 34,226 bales.
