Cotton prices are trading with 25 to 30 point gains to start the Wednesday session. Futures rallied on Tuesday, with contracts 145 to 159 points higher at the close. Crude oil was up another $1.76 per barrel, with the US dollar index up 0.254.
Monday afternoon’s Crop Progress showed 73% of the US cotton crop squared as of Sunday, 1% ahead of normal. The crop was also 32% setting bolls, matching the 5-year average pace. Condition ratings were pegged at 45% good/excellent, up 1 percentage point on the week. The Brugler500 index was up 1 point to 332. Ratings in TX slipped 2 points, with GA steady.
The Cotlook A Index was down 75 points on 7/20 at 87.65 cents. ICE certified cotton stocks were down 1,038 on July 20, with the certified stocks level at 97,800 bales. The Adjusted World Price was raised by 3.52 cents last week to 65.37 cents/lb.
Oct 26 Cotton closed at 78.96, up 159 points, currently unch
Dec 26 Cotton closed at 80.42, up 150 points, currently up 25 points
Mar 27 Cotton closed at 81.74, up 145 points currently up 27 points
