Cotton price action is down 50 to 62 points so far on Wednesday. Futures closed with losses of 3 to 45 points across the board on Tuesday, slipping from the midday gains. Crude oil was down another $3.48 per barrel, with the US dollar index down 0.109.
Weekly Crop Progress data showed 81% of the US cotton crop squared as of Sunday, now steady with normal. The crop was also 45% setting bolls, matching the 5-year average pace. Condition ratings were pegged at 46% good/excellent, up 1 percentage point on the week. The Brugler500 index was up 4 points to 336. Ratings in TX were up 10 points, with GA steady. Just LA, OK, TN, and VA were reported with deteriorating conditions.
