Cotton futures are trading with contracts 60 to 70 points lower across most contracts so far on Wednesday. Crude oil is up just a penny per barrel, with the US dollar index $0.075 higher.
USDA’s Crop Production report from this morning showed cotton down just 90,000 bales to 13.61 million bales. Acres were raised by 0.62 million acres to 10.47 million. Yield was trimmed by 74 lbs/ac to 798 lbs. Old crop stocks were unchanged at 4.2 million bales, with new crop down 100,000 bales to 4 million.