Cotton futures are trading with 14 to 18 point losses at midday, pulling off early losses. Crude oil futures are down $3.39 per barrel on the day at $61.82. The US dollar index is up $0.641 to $97.500. 

Just prior to midday, President Trump issued a Truth Social post that a call with India’s President Modi went well with the US lowering tariffs on the country from 25% to 18% and India agreeing to buy over $500 billion of US energy, technology, agricultural, coal and other products. India has historically been a top 8 buyer of US cotton.

Friday’s Commitment of Traders report showed managed money adding 13,077 contracts to their net short position as of 1/27, taking it to 65,029 contracts.

Friday’s online auction from The Seam showed sales of 56.571 cents/lb on 4,462 bales. The Cotlook A Index was down 20 points on January 30 at 73.95 cents. ICE certified cotton stocks were up 25,666 on 1/30 with the certified stocks level at 34,226 bales. The Adjusted World Price was updated to 50.23 cents/lb on Thursday afternoon, down 76 points from the week prior. 

Mar 26 Cotton  is at 63.02, down 15 points,

May 26 Cotton  is at 64.76, down 17 points,

Jul 26 Cotton  is at 66.41, down 14 points