Cotton futures were mixed to start the week, with contracts down 9 to 10 points higher. Crude oil was up $6.54 on the day following increased tensions with the US and Iran. The US dollar index was up $0.325.
Monday afternoon’s Crop Progress showed 60% of the US cotton crop squared as of Sunday, 1% ahead of normal. The crop was also 22% setting bolls, matching the 5-year average pace. Condition ratings were pegged at 44% good/excellent, down 2 percentage points on the week. The Brugler500 index was down 1 points to 331.
The Seam reported 131 bales sold in their online sale, at an average of 76 cents. The Cotlook A Index was unchanged on July 10 at 89.75 cents. ICE certified cotton stocks were down 31,480 bales on 7/10 via decertification, with the certified stocks level at 127,127 bales. The Adjusted World Price was back up 92 points last week to 62.86 cents/lb.
Oct 26 Cotton closed at 79.83, down 9 points,
Dec 26 Cotton closed at 81.51, down 3 points,
Mar 27 Cotton closed at 82.93, up 2 points
Source: barchart.com