Cotton futures are experiencing significant declines, with July contracts down 381 points to 80.13, while December and March contracts are down 287 and 281 points, respectively. The USDA reported that U.S. cotton exports total 10.863 million running bales, achieving 97% of the USDA forecast, although this lags behind the average sales pace by 5%. Additionally, ICE certified cotton stocks rose by 6,670 bales to 193,114 bales as of May 14.
The U.S. dollar index stands at 98.135, up $0.407, while crude oil prices have surged $4.01 to $105.18 at midday. Following a meeting between President Trump and China’s President Xi, details remain sparse; however, Trump indicated that U.S. farmers should anticipate favorable trade deals with China.
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