Cotton Futures Lower

March New York Cotton is trading at 71.25, down 0.77 cents/lb. May New York Cotton is trading at 71.87, down 0.65 cents/lb. Cotton futures are trading just above the session lows. Trading is expected to be choppy ahead of the end of the month. Some chatter that street estimates for a global cotton production deficit are coming down to 1.58 million tonnes versus 1.82 million tonnes for earlier estimates is showing up. The weekly cotton crop harvest report showed 77 percent of the crop was harvested versus 67 percent a week ago and 77 percent a year ago.