Cotton futures rounded out the Tuesday session under pressure, with contracts down 67 to 110 points. Pressure came from a $0.295 gain in the US dollar index to $98.690. Crude oil futures were $2.57/barrel higher.
Weekly Crop Progress data indicated 80% of the US cotton crop was squaring as of July 27, with 44% setting bolls. Condition ratings were back down 2% to 55% gd/ex, with the Brugler500 index down 2 points to 345. TX ratings were steady at 334, with GA slipping 3 points.
The Seam showed sales of 1,489 bales on Monday, with an average price of 61.20 cents/lb. The Cotlook A Index was down 50 points at 78.70 cents on July 28. ICE cotton stocks were steady on 7/28, with the certified stocks level at 21,617 bales. USDA’s Adjusted World Price (AWP) was up 23 points last week at 54.95 cents/lb. It is good through this Thursday.
Oct 25 Cotton closed at 66.3, down 110 points,
Dec 25 Cotton closed at 67.67, down 67 points,
Mar 26 Cotton closed at 69.05, down 71 points
Source: barchart.com