Cotton futures were under pressure on Monday with contracts closing 75 to 90 points in the red. The US dollar index was down $0.199 on the day to $97.625. Losses of $2.55 in the crude oil market from a potential Israeli/Hamas ceasefire added pressure.
The NASS Crop Progress report indicated a total of 67% of the US cotton crop with bolls opening and behind the 69% average, with harvest matching the average pace at 16%. Cotton conditions were listed at 47% good/excellent, steady with last week, as the Brugler500 index was up 2 points to 335.
Friday’s online auction from The Seam showed 1,187 sales at an average price of 62.46 cents/lb. The Cotlook A Index was steady at 77.70 cents on September 26. ICE cotton stocks were again steady on 9/26, with the certified stocks level at 15,474 bales. USDA’s Adjusted World Price (AWP) was back down 41 points last week at 54.38 cents/lb.
Oct 25 Cotton closed at 63.05, down 90 points,
Dec 25 Cotton closed at 65.5, down 78 points,
Mar 26 Cotton closed at 67.44, down 75 points
Source: barchart.com