Cotton futures were triple digits lower at midday and found only lukewarm buying interest of the close. They settled 130 to 203 points lower. A sharply stronger US Dollar Index may be impairing export sales, or at least trade psychology.
NASS reported this afternoon that 80% of the US cotton crop is planted, matching the 5 year average pace. Squaring is just a little ahead of average at 14% vs. 12%. Condition ratings declined, however, with 56% rated good/ex vs. 61% last week. That is still better than last year’s 49% for this date.
Warehouse cotton stocks continue to build ahead of July futures deliveries. ICE certified cotton stocks were up 1,430 bales on June 7 at 132,467 bales. There were 0 decerts, with 4,128 bales awaiting review. The Cotlook A Index was up 100 points on June 7 at 84.65 cents/lb. The USDA Average World Price (AWP) is 58.13 through Thursday.
Jul 24 Cotton closed at 71.81, down 203 points,
Dec 24 Cotton closed at 71.59, down 130 points,
Mar 25 Cotton closed at 73.24, down 140 points
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