Cotton Futures Sharply Lower

December New York Cotton is trading at 74.02, down 2.03 cents/lb. March New York Cotton is trading at 74.55, down 1.99 cents/lb. Cotton futures are trading sharply lower Tuesday morning. Market chatter global cotton demand and weather for U.S. cotton production is making the rounds. The USDA weekly cotton crop conditions report showed 48 percent of the crop was rated good to excellent versus 50 percent last week and 56 percent a year ago. The ten year average at this time of year is 48 percent. The data showed poor to very poor conditions rose slightly to 16 from 15 last week and 9 a year ago. The ten year average at this time of year is 21 percent.