Cotton futures are trading 5 to 20 points lower this morning. They finished Wednesday with 44 to 106 point gains in most contracts. The Cotlook A index was up 1 cent from the previous day to 92.1 cents/lb on May 15. Much of the main cotton growing area in TX missed out on hoped for rains Tuesday evening. Analysts are expecting to see 125,000-200,000 RB in old crop sales in the weekly USDA report. The USDA Adjusted World Price for this week is 75.58 cents/lb and will be updated this afternoon. China sold 25,652 MT of cotton from state reserves on Wednesday, totaling 85.47% of the offered amount.

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