Cotton futures rise as July contract gains 45 points to 72.94 cents/lb despite $3.50 crude drop

Cotton futures traded higher on Monday, led by the July contract up 45 points to 72.94 cents per pound, with deferred months also advancing. The gains came even as crude oil fell $3.5 to $84.21 per barrel on reports of a U.S.-Iran peace deal. CFTC data showed managed money cut its net short in cotton futures and options by 10,198 contracts. U.S. export sales commitments reached 101% of the USDA annual projection, while ICE certified stocks fell to 192,699 bales.