Cotton futures found strength to round out June, with contracts 22 to 43 points higher despite USDA reporting more acres than expected this morning. Crude oil was down $0.82/bbl to $69.83. The US dollar index is up $0.118 at $100.995.
The annual June Acreage report showed all cotton acres this spring planted at 9.85 million, which was above the trade ideas of 9.6 million and the March number at 9.64 million acres.
Monday afternoon’s Crop Progress showed 37% of the US cotton crop squared as of Sunday, 1% ahead of normal, with 9% setting bolls, matching the 5-year average pace. Condition ratings were pegged at 48% good/excellent, down 5 percentage points on the week. The Brugler500 index was down 10 points to 335. Ratings in Texas were down 14 points, with Georgia ratings up just 1 point.
The Seam reported just 12 bales sold on Monday. The Cotlook A Index was back down 50 points on 6/29 at 85.30 cents. ICE certified cotton stocks were unchanged on June 29 with the certified stocks level at 185,034 bales. The Adjusted World Price was back up 151 points last week at 63.88 cents/lb.
Jul 26 Cotton closed at 72.22, up 22 points,
Dec 26 Cotton closed at 76.8, up 35 points,
Mar 27 Cotton closed at 78.14, up 34 points
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
