Cotton futures are pointing lower on Tuesday, with contracts down 21 to 31 at midday. The outside factors are in play, with crude oil down 62 cents and the US dollar index up 172 points.
The NASS Crop Progress report indicated 52% of the US cotton crop was squared, 2% above the average, with 19% setting bolls, up 4% from normal. Condition ratings dropped 5% to 45% gd/ex, as the Brugler500 index fell 11 points to 320.
Per CFTC, the managed money Spec funds were trimming their net long by 5,866 contracts in the week of July 2, taking it to 30,872 contracts.
ICE certified cotton stocks were left alone on July 8 at 53,790 bales. The Cotlook A Index was down 125 points on July 8 at 81.50 cents/lb. The USDA Average World Price (AWP) was cut by 43 points last week to 57.80 cents/lb last week and is effective through this Thursday.
Jul 24 Cotton is at 67.32, up 1 point,
Dec 24 Cotton is at 70.77, down 28 points,
Mar 25 Cotton is at 72.58, down 26 points
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