Cotton futures ended the Monday session with contracts up 1 to 10 points. Hurricane Beryl made landfall this morning and is expected to bring along precip amounts of up to 8” in parts of TX before the remnants move north toward MO and IL.
The NASS Crop Progress report tallied 52% of the US cotton crop squared, 2% above the average, with 19% setting bolls, up 4% from normal. Condition ratings dropped 5% to 45% gd/ex, as the Brugler500 index fell 11 points to 320.
Spec fuds were trimming their net long by 5,866 contracts in the week of July 2 to 30,872 contracts.
ICE certified cotton stocks were left alone on July 5 at 53,790 bales. The Cotlook A Index was down unchanged on July 5 at 82.75 cents/lb. The USDA Average World Price (AWP) was cut by 43 points last week to 57.80 cents/lb on Friday morning. It is effective through this Thursday.
Jul 24 Cotton closed at 67.32, up 1 point,
Dec 24 Cotton closed at 71.05, up 7 points,
Mar 25 Cotton closed at 72.84, up 13 points