Cotton price action is down 180 to 200 points so far on Wednesday morning. Futures were in turnaround action on Tuesday, as contracts closed with 130 to 188 point gains at the close. May expires at the close. The US dollar index is $0.108 higher at $98.370. Crude oil is down $7.67 this morning following the US and Iran closing in on reaching a memorandum of understanding that would, among other things, allow for the safe passage through the Strait of Hormuz as well as a path to ending to conflict.
NASS Crop Progress data showed 21% of the US cotton crop planted as of May 3, which was 2 percentage points ahead of the 5-year average of 19%. Planting progress in TX was 2 percentage points ahead of average, with GA 3 points behind average.
