Cotton Facing Early Tuesday Weakness
Cotton futures are back to higher trade on Tuesday with contracts up 27 to 40 points so far at midday. Crude oil is up $1.03 on the day with the US dollar index was up $0.380.
Monday afternoon’s Crop Progress showed 60% of the US cotton crop squared as of Sunday, 1% ahead of normal. The crop was also 22% setting bolls, matching the 5-year average pace. Condition ratings were pegged at 44% good/excellent, down 2 percentage points on the week. The Brugler500 index was down 1 points to 331. Crop ratings in TX were down 7 points on the week, with GA ratings improving 2 points.
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The Cotlook A Index was unchanged on July 13 at 90.70 cents. ICE certified cotton stocks were down 5,842 bales on 7/13 via decertification, with the certified stocks level at 121,258 bales. The Adjusted World Price was back up 92 points last week to 62.86 cents/lb.
Oct 26 Cotton is at 80.97, up 114 points,
Dec 26 Cotton is at 81.87, up 36 points,
Mar 27 Cotton is at 83.2, up 27 points
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