Cotton prices posted 15 to 109 point gains on Tuesday, as futures got a bounce on weaker conditions. Outside factors were helpful, with crude oil up $1.30 and over $80/barrel. The markets will be taking the day off on Wednesday in observation of Juneteenth.
NASS reported condition ratings slipping down 2% on the week at 54% gd/ex, as the overall score via the Brugler500 index was down 7 points to 346. Much of the worsening conditions were in the more fringe states, with AL and AR down 10 and MS 11 points lower. Texas ratings did drop 7 points, with Georgia actually improving by 1 point.
The ICE certified cotton stocks were down 920 bales on June 14 at 137,063 bales. There were 931 decerts, with just 11 new certs and 6,005 bales awaiting review. The Cotlook A Index was up 30 points on June 17 at 82.15 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 71.03, up 109 points,
Dec 24 Cotton closed at 72.76, up 99 points,
Mar 25 Cotton closed at 74.05, up 100 points
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