Cotton Moves Lower

May Cotton is trading at 63.89, down 0.78. Trading is steady but weak. USDA weekly export sales have been weaker than expected, as prices have risen. Weekly USDA export sales reported Friday were negative because of a canceled sale of 69,700 bales. However, the exports are essentially already near the USDA forecast. Market talk of the U.S. carryout of cotton supplies will be lower this spring is considered supportive. Talk that U.S. new crop acreage will be reduced 12-15 percent has been making the rounds in recent days.