During a 4 day uptrend, the Cotton future gained a total of $2.64, or 1.96%. Now turning against its recent performance, ICE Cotton drops from $85.34 to $84.32 per pound, losing $1.02 (1.2%) today.

United States's Crude Oil Inventories new data released of -451,000 below its previous figure.

Crude Oil Inventories in United States fell short of market expectations (1 million) with a reading of -451,000, continuing the decline from the previous figure of 4.49 million.

Meanwhile, United States Cushing Crude Oil Inventories released today at 14:30 UTC with a figure of 1.72 million, while the previous figure was 1.63 million. United States Trade Balance (Apr) came out at -74.6 billion, while a consensus of analysts was expecting -75.2 billion.

Cotton made an initial break below its 200 day Simple Moving Average at $84.58, a possible indication of a forthcoming negative trend. Cotton's upper Bollinger Band® is at $88 which indicates a further downward move may follow. Despite this, although ICE Cotton is pointing down today (was as low as $84.06), it's climbing away from the $82.49 support line and is now $1.83 above it.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts the Cotton future to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the Cotton future is expected to attract significant bearish sentiment in the coming days.

Though Cotton has been dropping, other Softs have been performing better: Cocoa gained 1.41% and is now trading at $3,090. Having closed the previous session at $179.55, Coffee is up 1.42% today to currently trade at around $182.1.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims expected to decline to 235,000 while its preceding data was 232,000, data will be available tomorrow at 12:30 UTC.

The commodity has been trending positively for about 2 months. Having soared to a high of $146.62 approximately 11 months ago, Cotton is now trading 41.8% lower.