Cotton futures closed mixed action on Tuesday, as most contracts were down 8 to 16 points, and thinly traded October up 2 points. Crude oil prices are up another 85 cents/barrel, with the US dollar index back up $0.575 to $99.210.
The Monday afternoon Crop Progress report indicated 66% of the US cotton crop was planted, 3 percentage points behind normal. Planting pace in TX was even with the 5-year average at 61%, with GA 3 points behind average at 74%. Condition ratings were tallied at 49% good/excellent, which is 12% below last year. The Brugler500 index was at 324, which is the lowest initial crop score since 2013. Ratings in Texas were the lowest in 3 years to start at 298 (38% gd/ex).
Monday’s auction from The Seam showed 1,174 bales sold at an average price of 61.89 cents/lb. The Cotlook A Index was back up 20 points on 6/2 at 77.45. ICE cotton stocks were up 10,694 bales on June 2 via new certifications, with a certified stocks level of 53,700 bales. USDA’s Adjusted World Price (AWP) was back up 32 points last week at 53.84 cents/lb. It is good through Thursday.
Jul 25 Cotton closed at 66.05, down 8 points,
Oct 25 Cotton closed at 68.11, up 2 points,
Dec 25 Cotton closed at 68.53, down 16 points
