ICE cotton futures edged lower on Monday following a slide in agricultural commodities, which saw US wheat, corn and soyabean futures touch their lowest this year. US wheat, corn and soyabean futures fell, pressured by abundant global grain and oilseed supplies and outlooks for crop-friendly rain in the southern Plains wheat belt, traders said.
"Most of the commodities are down. There's a lot of negative outlook based off the political events from last week in the US," said Gabriel Crivorot, analyst at Societe Generale in New York. President Donald Trump suffered a stunning political setback on Friday in a Congress controlled by his own party when Republican leaders pulled legislation to overhaul the US healthcare system.
The May cotton contract on ICE Futures US settled down 0.53 cent, or 0.68 percent, at 76.94 cents per lb. It traded within a range of 76.90 and 77.73 cents a lb. Total futures market volume fell by 3,726 to 24,346 lots. Data showed total open interest gained 1,522 to 282,834 contracts in the previous session. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was down 0.20 percent.
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