Cotton Collapsing on Wednesday Morning

Cotton futures are down 250 to 350 early Wednesday after posting Turnaround Tuesday losses of 115 to 169 points at the Tuesday close. The move coincided with crude oil up $4.92/bbl on the day and the US dollar index up $0.235, while weekly Crop Progress indicated 89% of crops in condition (partial data shown). Overall, the tape points to a near-term downside bias for cotton but appears driven by broader macro/market factors rather than a single company/event.