Cotton prices are posting weakness so far this morning, with contracts down 34 to 76 points. Futures slipped lower on Monday with contracts down 8 to 137 points across the board. Pressure was likely coming from precip totals expected across parts of TX over the next week, favorable for crop development.
An update on the crop from NASS showed cotton 90% planted, 1% behind average. The crop was also 22% squared, 4% above normal, with 6% setting bolls. Condition ratings were down 2% on the week at 54% gd/ex, as the overall score via the Brugler500 index was down 7 points to 346.
The ICE certified cotton stocks were down 264 bales on June 14 at 137,983 bales. There were 684 decerts, with 420 new certs and 2,151 bales awaiting review. The Cotlook A Index was back unchanged on June 14 at 81.85 cents/lb. The USDA Average World Price (AWP) was down 81 points to 57.32 cents per pound last week. That is effective through this Thursday.
Jul 24 Cotton closed at 69.94, down 103 points, currently down 76 points
Dec 24 Cotton closed at 71.77, down 37 points, currently down 66 points
Mar 25 Cotton closed at 73.05, down 38 points, currently down 55 points
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