Cotton prices dropped 29 to 73 points on Monday, with March futures 85 points lower for the week. Crude oil futures rose $1.95 per barrel to $61.31, while the US dollar index fell $0.871 to $97.305. USDA Export Sales data revealed a marketing year high of 412,457 RB of cotton sold, with Vietnam as the top buyer.

Commitment of Traders data showed managed money in cotton futures and options increasing their net short position by 1,580 contracts, totaling 51,952 contracts. NASS Cotton Ginnings data indicated 732,950 RB of cotton ginned from Jan 1 to Jan 15, bringing the marketing year total to 12.695 million RB.

The Thursday online auction from The Seam reported sales of 62.43 cents/lb on 16,726 bales. The Cotlook A Index remained stable at 74.55 cents, while ICE certified cotton stocks stayed at 10,422 bales. The Adjusted World Price was updated to 50.99 cents/lb, down 18 points from the previous week.

Cotton futures closed with Mar 26 down 7 points, May 26 down 1 point, and Jul 26 unchanged. Austin Schroeder did not hold positions in mentioned securities. Information is for informational purposes only. Source: Barchart.com.

Read more at Yahoo Finance: Cotton Falling on Monday Morning