In the cotton market, however, India had a more upbeat affect, with talk of India cancelling export contracts helping futures add 0.6% to 82.63 cents a pound, falling just short of the eight-month closing low recorded last week.

“India has reportedly cancelled more than 310,000 bales of export sales made during late 2017,” said Louis Rose at Rose Commodity group, noting that “these cancellations are thought to be behind much of the cotton market’s recent resurgence.

Slow arrivals of cotton from Indian producers “and quality concerns have reportedly raise concerns about feeding the nation’s domestic textile industry”.

And a cut in exports from India, the world’s second biggest shipper, would imply yet more demand transferred to the top ranked US – with US export prospects only gaining a further tailwind from a 0.4% drop in the dollar against a basket of currencies.