Cotton Market Back Up Ahead of Export Sales

Cotton futures were 35 to 40 points higher overnight, taking back losses of 45 to 72 points in most contracts sustained on Wednesday. The US dollar index is stronger, while US stock futures are lower as US firms sustain costs while trying to reduce their reliance on Chinese manufacturing. USDA will release their weekly Export Sales update later this morning, with most eyes on Chinese actions in the reporting week that ended on May 16. The Cotlook A index for May 21 was up 220 points from the previous day to 78.8 cents/lb. The weekly Average World Price (AWP) is now 59.59 cents/lb, down 5.06 cents from last week.

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