Cotton futures are rallying another 128 to 221 points so far on Tuesday. Drier weather across TX and other parts of the southeast in the next week may be providing some short covering. Outside factors are a negative, with crude oil back down 74 cents/barrel, as the US dollar index is up 229 points.
The weekly NASS Crop Progress report showed 94% of the US cotton crop planted, lagging the 96% average pace. The crop was 30% squared with 8% setting bolls, both ahead of normal. Condition ratings were up 1% point to 56% gd/ex, as the Brugler500 index was down 4 points at 342 on a shift to more very poor ratings. Crop ratings by state saw TX down 4 points to 324, with GA down 2 to 353
The ICE certified cotton stocks were down 27,597 bales on June 24 at 100,381 bales. There were 28,363 decerts, 766 new certs and 0 bales awaiting review. The Cotlook A Index was down 50 points on June 24 at 82.20 cents/lb. The USDA Average World Price (AWP) was down another 67 points to 56.65 cents per pound last Thursday. It is good through this week.
Jul 24 Cotton is at 73.5, up 221 points,
Dec 24 Cotton is at 74.94, up 155 points,
Mar 25 Cotton is at 76.3, up 147 points
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