ICE Cotton down 60 cents, closing at $80.16, for its 4th straight negative day

Trading lower, Cotton is currently down 60 cents as it ranges between $79.56 and $81.24 so far today.

United States Producer Price Index didn't cause a noticeable effect even though it falls short expectations with 0.2%.

Highly important Producer Price Index data from United States beat analyst expectations of 0.3% with a reading of 0.2%. Initial Jobless Claims in United States fell short of market expectations (245,000) with a reading of 264,000, continuing the decline from the previous figure of 242,000.

On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of -917,000 with a reading of 2.95 million.

Bollinger Bands® shows an indication of recovery: the lower band is at $77.89, a low enough level to, generally, suggest that Cotton is trading below its fair value. Cotton could begin to recover as it approaches significant support, now 15 cents away from $80. Dipping below could be an indication that further losses are ahead.

Technical analysis indicates that the Cotton future (currently on a downtrend) might reverse course and start pointing upward in the short term.

In the meantime, negative performances are also seen in other Softs as Sugar slumps 1.31% to trade around $26.31. Cocoa is down $32 from the beginning of the session and now trades around $2,994. After ending yesterday's session at $185.95, Coffee lost $1.7 and is trading around $184.25.

Trading mostly sideways for 4 months. Cotton has fallen back around 46.39% from the significant high of $150.65 set 11 months ago.