Cotton prices have dropped significantly as a result of trade tensions and as U.S. seaborne exports have dropped 41.2% year over year in the three months to Apr. 30. Shipments to China fell 71.3% though there were also lower shipments to Asia more broadly. The performance of the major trading houses has diverged significantly. The biggest loser has been Louis Dreyfus with an 82.8% slump in shipments, which historically has been focused mostly on China. Meanwhile Noble’s exports have surged 51.2% higher with improved shipments to Turkey. Cargill has also increased its shipments b...