Cotton futures posted sharp losses on Monday, with most contracts down 98 to 228 points and July down the 300 point limit. Crude oil pressured the market, with losses of $74.02/barrel, with the US dollar index down 622 points.
Crop Progress data showed 70% of the US cotton crop planted, on par with the average pace. The crop was also 9% squared, 1% faster than normal. Condition ratings were up 1% to 61% gd/ex, with the Brugler500 down 5 points to 357 on a shift to poor/very poor ratings.
USDA’s Cotton System Consumption and Stocks report from NASS showed 641 RB of cotton consumed in the US during April, down 15.4% from the month prior. Stocks at the end of the month were 1,221 RB, down 56% from last year.
ICE certified cotton stocks were back up 2,260 bales on May 31 at 125,675 bales. The Cotlook A Index was down another 330 points on May 31 at 86.80 cents/lb. The USDA Average World Price (AWP) was raised 429 points to 64.37 cents/lb and will be in effect until next Thursday.
Jul 24 Cotton closed at 73.15, down 300 points,
Dec 24 Cotton closed at 73.35, down 176 points,
Mar 25 Cotton closed at 75.18, down 161 points
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