Cotton Prices Decline Amid Fed Rate Hike and Crude Oil Slide

Cotton prices declined on Thursday morning, down by as much as 114 points. The October contract futures were steady to 66 points lower.

The decline follows the Federal Reserve's decision on Wednesday to raise interest rates by 0.25%, with a signal for another potential hike this year. This move typically affects commodity prices and the US dollar index, which was up $0.719 on Thursday morning.

Crude oil also decreased in value, down $3.69 per barrel. The average sale price of cotton reported by The Seam on Tuesday's sale was 80.51 cents per pound for 2,380 bales.