Cotton futures are 10 lower to 16 higher in the early going here on Friday. They lost 119 to 170 points in most contracts on Thursday. Pressure came from a sharply higher dollar, as it was up 542 points. The USDA 2017/18 upland cotton export sales for the week of June 8 were well above last year at 197,598 RB. Shipments of old crop upland cotton were down 26.2% wk/wk at 233,257 RB, but 65.66% larger than last year. Total upland cotton export commitments are 65.3% larger than last year. They are 103% of the USDA, projected export total, vs. 100% last year and the average of 105%. The new AWP is 67.31 cents/lb through next Thursday, down 72 points from the previous week. China sold just 14,200 MT of the 29,900 MT of cotton offered at an auction of state reserves on Thursday.

Market Commentary provided by:

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