Cotton futures posted losses of 143 to 231 across most contracts on Tuesday. The outside factors are pressure, with crude oil down $2.60 to $88.70/barrels. The US dollar index is down $0.049 at $99.975.
Monday afternoon’s Crop Progress showed 77% of the US cotton crop planted as of Sunday, matching the average pace, with 13% squared, 2% ahead of normal. Initial condition ratings were pegged at 53% good/excellent, which was up 4 percentage points from last year. Condition ratings on the Brugler500 index were 345, 21 points higher than the initial ratings last year.
The Seam reported sales on 1,311 bales on 6/8 at an average of 74.00 cents/lb. The Cotlook A Index was down another 65 points on 6/8 at 85.50 cents. ICE certified cotton stocks were down 4,137 bales on Monday with the certified stocks level at 261,648 bales. The Adjusted World Price was down another 29 points on Thursday at 63.20 cents/lb.
Jul 26 Cotton closed at 71.26, down 213 points,
Dec 26 Cotton closed at 75.3, down 231 points,
Mar 27 Cotton closed at 76.58, down 229 points
Source: barchart.com