Cotton prices are up 2 to 7 on Wednesday morning. Futures saw losses of 15 to 50 points on Tuesday. The outside factors were in play, with crude oil (an analog for synthetic fibers) down 51 cents and the US dollar index up 137 points.
The NASS Crop Progress report indicated 52% of the US cotton crop was squared as of Sunday, 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.
ICE certified cotton stocks were UNCH 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.
Dec 24 Cotton closed at 70.55, down 50 points, currently up 3 points
Mar 25 Cotton closed at 72.41, down 43 points, currently up 3 points
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