Cotton Futures Extend Losses, Crude Oil Also Declines on Friday Morning

Cotton futures extended losses on Friday morning, with prices down 18 to 21 points. The ICE certified cotton stocks remained unchanged at 10,422 bales as of January 21. Crude oil futures also declined, falling 95 cents per barrel to $59.67. The US dollar index weakened, closing at $98.090, down $0.473 from the previous session. The Cotlook A Index dropped 25 points to 74.55 cents on January 21, while the Adjusted World Price was updated to 50.99 cents/lb on Thursday, down 18 points from the prior week. Front-month cotton contracts closed Thursday down 38 to 41 points, with March 26 Cotton at 63.91 (down 39 points), May 26 Cotton at 65.52 (down 40 points), and July 26 Cotton at 66.99 (down 41 points).