Just checked the cotton market from Thursday and it's looking pretty mixed out there. Most contracts took a hit, but March futures actually popped 87 points to close at 63.03, which is interesting given the overall weakness. May and July were both down though, so the strength was pretty concentrated. On Thursday the dollar was also climbing back up around $99, and crude oil gained over $4 to hit $78.89, so there's definitely some broader commodity pressure happening. What caught my eye was the USDA export data this morning showing old crop sales dropped nearly 41% week-over-week. Vietnam's still buying the most, but the volume slowdown is notable. New crop sales added another 54k bales though, and shipments actually jumped 46% compared to the prior week. The Cotlook A Index pulled back 45 points to 74.50 cents, and the Adjusted World Price got trimmed by 40 points to 51.44. ICE certified stocks stayed flat at just over 129k bales. Definitely watching how this export momentum holds up.

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