Cotton futures are showing steady to 5 point gains across most nearby contracts on Tuesday. Crude oil futures are down 69 cents per barrel at $58.19 on the day, with the US dollar index $0.154 higher to $99.215.
USDA’s Crop Production report left acreage alone, but raised yield by 10 lbs/acre to 929 lbs. That took production up 150,000 bales to 14.27 million bales. In the WASDE, there were some adjustments in the unaccounted and domestic use to take projected ending stocks up 200,000 bales to 4.5 million. The cash average price was trimmed by 2 cents to 60 cents/lb. The world stocks were left steady, as just a 40,000 bale increase was noted at 75.97 million bales.
