Cotton Futures Extend Losses as Export Sales Show Mixed Picture

Cotton futures have been on a downward trend, extending their losses into Friday. The front months are down by 115 to 120 points, while crude oil has also dropped $1.20 per barrel.

The US dollar index is down $0.05, but export sales data from this week shows a more positive picture for cotton. According to the latest figures, there have been 4.5 million RB of cotton export commitments as of September 10, which is 13% ahead of the 5-year average.

However, this still falls behind the USDA's export forecast and its average pace. The Cotlook A index has also dropped by 25 points to 94.35 on September 17, while ICE-certified cotton stocks remain steady at 36,617 bales.