Cotton down to $84.54 today, continues bearish run

While on a 5 day downtrend, dropping a total of 1.53%, Similar trend today: ICE Cotton is down to $84.54 per pound, after ending yesterday at $84.86. Overall, a 0.38% loss or 32 cents today.

United States Fed Chair Powell testimony is next today at 15:00 UTC.

Meanwhile, data for United States Factory Orders released yesterday at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.

Cotton's upper Bollinger Band® is at $86.51 which indicates a further downward move may follow.

In the short term, ICE Cotton is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other Softs as Coffee is down $3.55 from the beginning of the session and now trades around $178.9.

Though ICE Cotton has been dropping, other Softs have been performing better: Sugar added 0.48% to its value, now trading at $20.97.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -308,000 from the preceding figure of 1.17 million.

Furthermore, United States ADP Nonfarm Employment Change (Feb) will be released tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) scheduled to come out tomorrow at 15:00 UTC.

Trading mostly sideways for 2 months. ICE Cotton has fallen back around 45.21% over the past 10 months, from a notable high of $154.89.