Cotton prices are down 95 to 137 points so far. Futures saw modest weakness on a Wednesday correction, with contracts 6 to 73 points lower. The outside markets were generally stronger, as Crude oil was up $4.32 following the US striking Iran overnight and again today, as President Trump stated the ceasefire is over. The US also revoked waivers authorizing Iran oil exports. The US dollar index was up $0.082.
The Seam reported just 94 bales sold on July 7 at an average of 65.76 cents. The Cotlook A Index was up 150 points on 7/7 at 87.30 cents. ICE certified cotton stocks were down 95 bales on Tuesday via decertification, with the certified stocks level at 184,939 bales. The Adjusted World Price was back down 194 points last week at 61.94 cents/lb.
