Cotton price action on Tuesday morning is 60 to 60 points. Futures closed out Monday with contracts up 109 to 122 points. The outside markets were being ignored, with crude oil down $1.20/barrel and the dollar index up 276 points. Cotton country is expected to be fairly dry over the next week, with scattered totals in the Southeast.
The US cotton growing season is still running ahead of normal, with 87% squared by July 28, That’s 3 percentage points above the average. Some 54% of the acres were setting bolls, vs. the 46% 5-year average pace. Condition ratings were back down 4% to 49% gd/ex, with the Brugler500 index down 12 points from last week to 327.
ICE cotton stocks were down 9,281 bales on July 26 via decertification, leaving 28,745 bales of cert stocks. The Cotlook A Index was up 25 points on July 26 at 79.30 cents/lb. The USDA Average World Price (AWP) was cut by 140 points to 55.02 cents/lb, and is in effect through this Thursday.
Dec 24 Cotton closed at 69.21, up 122 points, currently up 60 points
Mar 25 Cotton closed at 70.91, up 115 points, currently up 65 points
May 25 Cotton closed at 72.2, up 107 points, currently up 63 points
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