Cotton futures are within 5 points either side of UNCH this morning after they finished the Thursday session with losses of 30 to 130 points in most contracts. The May supply and demand report from the USDA showed a slight reduction to 17/18 production based on classing data and added 500,000 bales to the export total. That trimmed ending stocks to 4.7 million bales. New crop stocks are seen at 5.2 million bales in their first estimate. USDA sees China with a 33.42 million bale carryout in 18/19, down 7.55 million bales from 17/18. The Cotlook A index was down 70 points to 93.95 cents/lb on May 9. The Adjusted World Price was updated to 75.58 cents/lb, up 59 points from the week prior.

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