The only significant news today came out after the close; the weekly crop progress and crop condition report.

As expected condition ratings improved again in the past week, but by just a point, with 45% of the crop now rated”good” to”excellent” compared to 44% a week ago and a year ago. Further, that portion of the crop rated”poor” to”very poor” declined a second straight week, to 22%, now no worse than a year ago at the same figure and 2 pts better than a week ago when 24% was rated poor to very poor.

NASS also reports 89% of the crop now squaring, up from 77% a week ago and now just 1 pt below the 5-year average of 90%. TodayΆs report shows 39% of the crop now setting bolls, up from 27% a week ago, but still below 57% a year ago and the 5-year average of 56%.

In other news, there are some quality issues arising with ChinaΆs cotton crop due to excessively wet weather, but not enough to offset the forecasts for more rain headed into Texas over the next 10 days or so.

I donΆt see anything to change the chart picture from what I showed here on Friday. TodayΆs action didnΆt change anything.