Cotton price action is up anywhere from 2 to 57 points on Tuesday AM trade. Futures were 8 to 56 cents lower in most contracts on Friday, with July down 319 points on the week. December was down 258 points since last Friday. The US dollar index was $0.052 higher at $99.270. Crude oil was up $0.65 on the day to $97.00. Crude oil is a pressure factor, down $3.85 from Friday, as the US and Iran were inching closer to a deal over the weekend, though there is nothing set as of this morning.
CFTC data showed managed money adding another 2,475 contracts of cotton futures and options to their net long in the week ending on 5/19, taking it to 62,045 contracts.
