Cotton futures fell back from the early session high, but held onto gains on Monday of 2 to 18 points into the close. Crude oil prices posted gains of $1.10/barrel. The US dollar index was back up $1.462 to $101.630.

Crop Progress data showed 28% of the US cotton crop planted as of 5/11, now behind the 31% average planting pace. 

The meeting between US and China trade reps saw progress, as an announcement overnight showed a drop in tariffs by 115% for each country for 90 days. The US dropped their rate to 30% on Chinese goods, while China cut theirs to 10%. 

USDA’s annual Cotton Ginnings report showed a total of 14.075 million RB ginned and total 2024 production at 14.383 million bales (including pima). The old crop balance sheet from the World Ag Outlook Board saw the export figure back up 200,000 bales, cutting the carry out by the same to 4.8 million bales. New crop stocks are seen at 5.2 million bales. 

The Friday online auction from The Seam showed sales of 1,255 bales at an average price of 71.50 cents/lb. The Cotlook A Index was down 70 points on Friday at 78.25. ICE cotton stocks were up 5,529 bales on May 9 on new certifications, with a certified stocks level of 22,250 bales. USDA’s Adjusted World Price (AWP) was back down 13 points last Thursday to 54.81 cents/lb. 

Jul 25 Cotton  closed at 66.63, up 2 points,

Oct 25 Cotton  closed at 68.89, up 9 points,

Dec 25 Cotton  closed at 68.85, up 18 points

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